Saudi Electricity Company (SEC) has signed a $2.6 billion international syndicated bridge facility with eight major global banks to fund future plans, it has announced.
The facility is co-financed by international banks such as Citibank, Bank of Tokyo-Mitsubishi, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank, SEC said in a statement issued to Tadawul, the Saudi bourse.
It added that the facility was unsecured and would be used to finance the company’s diverse general corporate purposes, including capital expenditure, the company added.
In December 2017, the Power Transmission and Distribution Business of L&T Construction announced that it had secured an order from SEC for the construction of overhead transmission lines between Qassim 2 and Madina East Bulk Supply Point substations. The line will be one of the longest in Saudi Arabia, with a route length of more than 400km.
