March 4, 2019 / 9:03 AM / 18 days ago

Saudi's ACWA Power signs financing for $700 mln desalination project

DUBAI, March 4 (Reuters) - Saudi power and water plants developer ACWA Power said on Monday it had signed financing and hedging agreements for a $700 million desalination project in the kingdom.

The project, Rabigh-3 IWP, will generate 600,000 cubic meters a day, making it one of the largest desalination projects of its type in the world, a company statement said.

The initial mandated lead arrangers for the project financing are Natixis, MUFG, SAMBA and Riyad Bank. Riyad Bank has already provided an equity bridge loan for the transaction earlier this month, the statement said. (Reporting by Asma Alsharif, Writing by Sylvia Westall, Editing by Davide Barbuscia)

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