Saudi Arabia’s Acwa Power has completed a $300m Islamic finance loan deal, its first ever corporate financing.

The company increased the size of the deal from $210m, which it announced in June to $300m with the addition of the US’ JP Morgan and Malaysia’s Malayan Banking BDH.

The other banks funding the deal are the UK’s Standard Chartered, the US’ Citigroup and Bank of America Merril Lynch and Japan’s Mizuho.

The loan is the first time Acwa has borrowed at the corporate level, rather than for specific projects, and the company says the money will be used to fund new projects outside of Saudi Arabia. The company plans to treble its power capacity to 30,000MW and more than double water production to 5 million cubic metres a day in the next four years.

The deal is structured as a commodity murabaha, which involves the banks buying commodities and selling them to the borrower at cost plus a pre-agreed profit level.