Following the drawdown of the US$ 800 million equivalent senior debt refinancing facility in December 2021, as well as the US$ 125 million senior debt facility in January 2022 for its subsidiary Rabigh Arabian Water & Electricity Company (“RAWEC”), ACWA Power announced on 13^th February the dry financial close for another US$ 470 million senior refinancing facility, denominated in US$. Proceeds of this facility would be utilized by RAWEC for various financial commitments including financing expenses and for general corporate purposes including distribution of dividends.

The US$ 470 million senior financing facility is being raised from the local Saudi bank market and has a tenor of 12.5 years maturing in 2034. It is expected to be drawn down before end of Febuary 2022.

This new financing facility targets further optimization of the capital structure of RAWEC, as well as monetization of the Company's future cashflows.

RAWEC is an independent water, steam & power producer that supplies these essential utilities on a captive basis to an integrated refinery and petrochemical complex owned by Rabigh Refining and Petrochemical Company (“Petro Rabigh”). ACWA Power holds an indirect 99% equity stake in RAWEC through its wholly owned subsidiaries. RAWEC developed its integrated facility in 2 phases; phase I being commissioned in June 2008 and phase II in June 2016. The integrated facility has an installed capacity of 840 MW power, 6110 t/h steam and 12000 t/h water.