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Saudi Electricity secures US$1.4 billion loan for Rabigh power plant

SEC has signed a 15-year loan agreement worth US$1.4 billion for Rabigh power plant.

Saudi Electricity Co. (SEC) has signed a 15-year loan agreement worth US$1.4 billion with a number of international banks to help finance the construction of Rabigh power plant

The loan will be used for the construction of SEC's Rabigh VI power plant on the Red Sea coast to the north of Jeddah city, the company said in a statement.

The loan is guaranteed by Korea Trade Insurance Corp (K-sure) and by the Export-Import Bank of Korea (Kexim). The lenders participating in the loan include, among others, Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corp, and Mizuho Bank, SEC said.

The total project cost of the 2,800 MW Rabigh power plant is estimated at US$3.4 billion.

SEC, which plans to invest more than US$10 billion in its projects each year over the next five years, earlier this month issued a US$1.75 billion sukuk.

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