RIYADH: A consortium led by ACWA Power closed the financing for a $1.59 billion power project at The Red Sea Development Co., or TRSDC, according to a statement.
The consortium led by ACWA Power, and composed of SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company, closed a $1.302 billion senior debt facilities for the Red Sea multi-utilities project.
The senior debt project is financed through a combination of US dollar denominated and Saudi Riyal denominated soft mini-perm and long-term financing provided by a consortium of Saudi Arabian and international banks, including the Al Rajhi Bank, APICORP, Bank Saudi Fransi, Riyad Bank, Saudi British Bank, Saudi National Bank and Standard Chartered.
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