Saudi Arabian power plant developer Acwa Power is working on a $300m Islamic loan with a group of international banks.

The deal was arranged by the UK’s Standard Chartered and includes the US’ Citigroup, Bank of America Merril Lynch and Japan’s Mizuho.

The four banks have so far agreed to commit $210m and two other banks are in talks to join the funding group by the end of the year. The company said the proceeds from the deal, the first corporate borrowing by Acwa, would be used to fund new projects outside Saudi Arabia.