SEC inks SR8 billion credit facility deal with 8 international banks

Saudi Electricity Company (SEC) on Thursday signed a revolving credit facility agreement with eight international banks with a maximum amount of SR8.06 billion ($2.15 billion).

The credit facility has been divided into two tranches: the first with a maximum of SR5,918 million ($1,578 million), mature after three years, and the second with maximum of SR2,149 million ($573 million), mature after five years.

The SEC Acting CEO Fahd Al-Sudairy said that the company is the largest electricity service facility in the Middle East and North Africa region and one of the world’s largest public utilities. It has managed to obtain funding without any guarantees from the company, he said while stressing that the funding aims to spend on the company’s public works.

The major international banks include Abu Dhabi First Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo foundation, HSBC Bank — Middle East, Hong Kong and Shanghai Banking Corporation Limited, JPMorgan Chase & Co., and Natixis Bank of France.