Saudi Electricity inks SAR 10 bln worth local syndicated facility agreement

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) signed today, Feb. 14, a local syndicated facility agreement valued at SAR 10 billion, the utility provider said in a statement on Tadawul.

The seven-year facility is provided by Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank AlJazira, QNB Group Qatar National Bank KSA and Saudi Investment Bank.

The facility, which is collateral-free, is intended to be used for financing general corporate purposes, including capital expenditure, the statement said.