State utility says funds will finance $3.2bn power plant in Jizan
Saudi Electricity Co (SEC) signed a $900 million loan agreement with the Export-Import Bank of Korea (KEXIM) and other international lenders to help finance Shuqaiq power plant's construction, the utility said on Sunday.
The facility has a 13.25-year lifespan and is guaranteed by KEXIM. Bank of Tokyo-Mitsubishi, Deutsche Bank and Santander are among the lenders providing funding, the bourse statement said.
State-controlled SEC, the largest utility company in Saudi Arabia, has previously said that it expects the total cost of the project to be $3.2 billion.
It signed a contract in 2013 with South Korea's Hyundai Heavy Industries Co. Ltd. to build the 2,640 megawatt Shuqaiq power plant in southwestern Jizan province.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.