RIYADH: Saudi-based utility developer ACWA Power has announced the financial closure of an $125 million senior refinancing facility for its subsidiary, Rabigh Arabian Water and Electricity Co., known as RAWEC. The senior financing facility proceeds will be used for various financial commitments including financing expenses and for general corporate purposes such as distribution of dividends, ACWA Power said in a bourse statement. With a tenor of 12.5 years maturing in 2034, the drawdown of the facility is expected to take place this month, according to the filing. The new refinancing facility, raised from local banks, will increase the financing costs for RAWEC, it said. ACWA Power obtained last month an $800 million senior refinancing facility for RAWEC as well with a tenor of 8.5 years maturing in 2030. RAWEC is the captive utilities – power, water, and steam – provider to Rabigh Refining and Petrochemical Co., a joint venture formed in 2005 between Sumitomo Chemical, Japan, and Saudi Aramco, which owns, operates, and manages the Rabigh petrochemical complex.