(Bloomberg) -- ACWA Power obtained financing to help develop a $650 million desalination project in Saudi Arabia.
The transaction is funded through “limited recourse ring-fenced project financing” with Al Rajhi Bank, Abu Dhabi Islamic Bank, Riyad Bank and Mizuho Bank Ltd. as initial mandated lead arrangers, the utility said in a statement. Riyad Bank and Bank AlJazira also provided equity bridge loans earlier this month.
Commercial operation of the seawater reverse osmosis desalination project, known as Jubail-3A, is scheduled toward the end of 2022.
