ACWA Power increases credit facility to $159.9m

Dubai: Saudi Arabia-based water and project developer ACWA Power said Sunday it has increased its 2015 revolving credit facility by 600 million Saudi riyal (Dh587 million, $159.9 million) to 1.309 billion Saudi riyal.

Saudi Hollandi Bank (SHB) funded all of the enhanced facility and the total facility is available until the third quarter of 2020, ACWA said in a statement.

The facility used a Sharia compliant murabaha structure, the statement said.

ACWA also said it now has 3.484 billion Saudi riyal revolving credit facility at its disposal.