The Electricity co. signs $ 1634m credit agreement with international banks

19/12/2013 Tadawul

The Saudi electricity company announced today on tadawul the signing of $ 1634 m credit agreement representing the second tranch of $ 2000m credit with the following international bank:

K- Sure Korean Bank -

  • Korean Bank -

Bank of Tokyo mitsubishi -

 Mizuho Bank-

- Sumitomo Mitsui Banking Corporation

- HSBC

Deutsche Bank -

 KfW IPEX Bank-

 

The agreement has a term of 12 years and a grace period of 3 years starting from 19/12/2013.

 

The proceeds to be used to build South Jeddah power plant with a total capacity of 2640 MW.

 

 The loan is covered by a bank guarantee from the Korean banks (K- Sure and K- Exim) in addition to direct funding from K- Exim. 

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