Saudi Electricity signs $567.5 mn facility to finance interconnection project with Egypt

11/08/2022 Argaam

Logo of Saudi Electricity Co.

Saudi Electricity Co. (SEC) signed an export credit agency (ECA) facility worth $567.51 million, the utility provider said in a bourse filing today, Aug. 11.

 

The facility agreement was signed with Standard Chartered Bank and Sumitomo Mitsui Banking Corp. The credit facility, subject to precedent conditions, will be guaranteed by the Swedish Export Credit Corp. and funded by Swedish Export Credit Corp. (SEK).

 

The duration for financing is 14 years, which will be used to partially fund the Saudi-Egyptian electrical interconnection project.

 

There are no related parties, the statement said.

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