3.6 billion to finance Saudi Electricity projects and connect with Egypt
Worth SR 13.4 bln.. Saudi Electricity signs financing agreements to support its long-term growth and finance the electrical interconnection project with Egypt
Ashraf AboArafe
The Saudi capital of Riyadh has today signed an agreement providing international financial facilities worth 13.4 billion riyals (3.6 billion) to finance the future expansion of the SEC and to finance electricity connectivity with Egypt.
The agreement lasts for five years, with the payment of another co-financing agreement obtained in 2017 and its due date in August 2022, as well as the financing of the company’s capital expenditure requirements.
SEC also signed an agreement to finance an export credit agency to finance the Saudi-Egyptian electricity interconnection project worth $567.5 million.
The CEO for SEC, Eng. Khalid Al-Gnoon said in a statement today carried by the Saudi Press Agency: “The signing of the Agreement on Joint International Financing and Financing of the Export Credit Agency came on favourable terms, reflecting the high credit level enjoyed by SEC, as credit rating is linked to Saudi Arabia’s sovereign credit rating.
He added: “We look forward to benefiting from this joint international facilitation in meeting our capital expenditure requirements, thereby establishing long-term growth for our business and investors and will support the financing of the Saudi Egyptian Electricity Connectivity Project’s export credit agency.”
