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Saudi consortium allocates USD1.8bn for Rabigh 1 project

14 Jul 2016

(MENAFN) A consortium of electricity companies led by Saudi Arabia’s Acwa Power has completed refinancing of more than USD1.825 billion in debt for its Rabigh 1 power project.

In detail, the consortium, which includes state-run Saudi Electricity Company (SEC) and Korea Electric Power Corporation (KEPCO), runs the 1,240 MW fuel oil-fired plant on the western coast of Saudi.

Moreover, the refinancing consists of a conventional international tranche and two Islamic riyal-denominated parts, Saudi consortium said on a statement.

A dollar-denominated portion worth more than USD300 million was given by a group of Korean insurance companies, including Samsung Life and Dongbu Insurance/Hyundai Asset Management.

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