ACWA Power has obtained financing to help develop a $650 million desalination project in Saudi Arabia.

The transaction is funded through “limited recourse ring-fenced project financing” with Al Rajhi Bank, Abu Dhabi Islamic Bank, Riyad Bank and Mizuho Bank as initial mandated lead arrangers, the Saudi-based utility said in a statement.

Riyad Bank and Bank AlJazira also provided equity bridge loans earlier this month.