Saudi Arabian utility developer ACWA Power, partly owned by the sovereign Public Investment Fund, has refinanced $580 million of existing debt for the Al Dur Phase II Independent Water and Power Project (IWPP) located in Bahrain.

ACWA Power acted as the sole financial advisor to the Al Dur Phase II IWPP project company, the Riyadh-listed company said in a statement on Tuesday.

The lenders for the project includes Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi, Gulf International Bank, KfW IPEX-Bank, National Bank of Bahrain, Riyad Bank, and Standard Chartered Bank.

The project, which was developed by a consortium which included ACWA Power, Mitsui and Almoayyed Contracting Group, achieved financial close in 2019 and commenced operations in June 2022.

Al Dur Phase II, which has an investment value of more over $1 billion, uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water and combined cycle gas turbine (CCGT) technology with the capacity to generate 1.5 GW of power.

The $2.1 billion Al Dur IWPP Phase 1 is operated by a consortium of ENGIE and Gulf Investment Corporation (GIC) with a capacity of 1,243MW and 48 million gallons per day.

(Writing by Brinda Darasha; editing by Seban Scaria)