RIYADH: Saudi-based utility developer ACWA Power has announced the financial closure of an $800 million refinancing facility for its subsidiary, Rabigh Arabian Water and Electricity Co., known as RAWEC. The senior financing facility proceeds will be used to finance RAWEC’s operations including loan prepayment, financial expenses, and dividend distribution, ACWA Power said in a bourse statement. As much as $763 million of total proceeds will be paid to settle existing outstanding senior debt and accrued interest for RAWEC, the statement added. With a tenor of 8.5 years maturing in 2030, the drawdown of the facility is expected to take place before the end of December this year, according to a filing. RAWEC is the captive utilities – power, water, and steam – provider to Rabigh Refining and Petrochemical Co., a JV formed in 2005 between Sumitomo Chemical, Japan, and Saudi Aramco, which owns, operates, and manages the Rabigh petrochemical complex.