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FINANCIAL NEWS
Saudi Elect Co. signs USD 900mn loan for Shuqaiq plant
16 May 2016
(MENAFN) Saudi Electricity Co. (SEC) signed a USD 900mn loan deal with the Export Import Bank of Korea (KEXIM) in order to help finance Shuqaiq power plants.
Moreover, the facility has a 13.25-year lifespan and is guaranteed by KEXIM, and Bank of Tokyo-Mitsubishi, Deutsche Bank and Santander are among lenders.
The company, which is the largest utility firm in KSA, has proclaimed that it predicts the whole cost of the project to be USD 3.2bn.
In addition, it also signed a contract in 2013 with S. Korea’s Hyundai Heavy Industries Co. Ltd. in order to construct the 2,640 MW power plants.
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