FINANCIAL NEWS

Saudi Electricity secures USD1.4b loan

01 Apr 2012

(MENAFN) Saudi Electricity Co (SEC) secured a USD1.4 billion credit facility from a group of lenders, led by the Korean Trade Insurance Corp., for a power station set up, Bloomberg reported.

Middle East’s larget utility company said the 15-year loan will be paid in bi-annual installments after a three-year grace period.

The company will use this loan to finance the construction of a power station in Rabigh on the Red Sea coast, as the kingdom needs an additional 2,000 megawatts of electricity a year to meet growing demand.

Saudi government predicted power demand in the kingdom will increase by 7 percent a year.

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