Saudi Electricity Co has invited banks for a potential bond mandate,
reported IFR Markets, a unit of Thomson Reuters, after the company said last
year it could tap international debt markets in 2011.
In May, a senior executive said the company was considering its first
international bond issue which would be an Islamic issue, or sukuk. The company
has so far only issued domestic sukuk. A request for proposals (RFP) has been
sent to a limited number of local banks and international institutions with
operations in Saudi Arabia, and replies are due by the end of February, IFR
SEC plans to invest $80bn to boost capacity to at least 70,000 megawatts by
2020 from an installed capacity of 50,000 MW to meet domestic demand rising at
8 percent annually.
It is 81 percent owned by the government, while 19 percent is floated on the