Saudi-based Acwa Power, a leader in power generation and water desalination plants, has announced the financial close of senior debt facilities worth $1.3 billion for the Red Sea Multi-Utilities Project in partnership with a consortium of financiers.

The financial close is for the development, construction and operations and maintenance of the Red Sea Multi-Utilities Project, said Acwa Power in its filing to the Saudi bourse Tadawul.

This comes following the finalization of the deal worth $1.302 billion on the conditions under the financing documents (Wet Financial Close) instead of $1.33 billion that was highlighted in the previous announcement (dry financial close) on December 21, 2021, it stated.