Saudi Arabian utility developer ACWA Power said on Wednesday it has closed a senior debt facility for $1.30 billion, instead of the $1.33 billion announced earlier. 

In addition, the facility arranged for a multi-utilities project at the planned billion-dollar Red Sea project will now include Saudi National Bank in the consortium of financiers, the company said in a statement on the Saudi Stock Exchange (Tadawul). 

The initial list of lenders had Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank and Riyad Bank. 

ACWA said the facility was arranged as a wet financial close, instead of the dry close previously. 

The utilities project, which will be 100 percent powered by renewable energy and the largest battery energy storage system in the world, is a joint venture.  

ACWA holds a 50 percent stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company in the joint venture. 

The Red Sea Development Company is owned by one of the largest sovereign wealth funds in the world, the Public Investment Fund. 

The facilities were arranged as a non-recourse project finance and will be used to construct, manage and operate some power, desalination, wastewater treatment, solid waste processing, district cooling plants and communication infrastructure. 

(Reporting by Brinda Darasha; editing by Cleofe Maceda) 

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