Saudi Electricity will borrow up to $1 bln to build power plant

23/02/2016 Argaam

Saudi Electricity Co.’s (SEC) board of directors has approved the company to finance up to $1 billion towards the construction of a SAR 12.2 billion power plant in Shuqaiq.

 

The funds, which will be secured through loans from Korean creditors, will only cover part of the total cost required to build the facility, the utilities provider said in a statement to Tadawul.

 

In 2013, SEC signed a contract with South Korea's Hyundai Heavy Industries Co. Ltd. (HHI) to build the plant, which is set to be completed by 2018.

 

The facility will include four steam generating units and produce 2,640 megawatts of capacity, according to data available on Argaam.

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