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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more

This site is registered on as a development site.