Saudi signs $1.4bn power plant financial agreement

Saudi Electricity Co. (5110.SA), or SEC, has signed a $1.4bn loan agreement with a consortium of international banks led by HSBC to help finance the construction of a power plant.

Dow Jones reports that the 15 year loan will be used to help finance the construction of SEC's Rabigh VI power plant on the Red Sea coast to the north of Jeddah city, the utility said in a statement on the Saudi bourse website.

The loan is guaranteed by Korea Trade Insurance Corp., or K-sure, and by the Export-Import Bank of Korea, or Kexim, SEC said.

The lenders participating in the loan include, among others, Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corp, and Mizuho Bank, SEC said.

For more power business news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...