Saudi Electricity Company obtains $1.09bn loan

Electricity giant says loan will finance new power units to meet demands of citizens.
Saudi Electricity Company obtains $1.09bn loan
By Andy Sambidge
Mon 22 Jun 2009 06:57 AM

Saudi Electricity Company (SEC) has obtained a 12-year, SR4.1 billion ($1.09 billion) loan from US Export-Import and Canada’s Export Development Credit (EDC).

The company said in a statement the loan was meant to "finance acquisition of power generation units with 2.9 megawatts capacity", Saudi Gazette reported on Monday.

The company is constantly battling to meet the power demands of a growing population.

On Sunday, it awarded a $133m contract to Alfanar Construction Company for the construction of an electricity substation in Riyadh.

The project comes as part of Saudi Electricity Company's plan to further enhance the power supply capacity to meet the growing demand for electricity in Riyadh, particularly the north west region of the city, where the project will deliver electricity to new facilities.

Alfanar Construction Company is currently executing several key projects for the Saudi Electricity Company valued at more than $1.2bn in different parts of the kingdom.

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