SEC gets $567 M to advance Saudi–Egypt electricity interconnection
Saudi Arabia, Riyadh: The Saudi Electricity Company (SEC) has announced obtaining a $567.5 M credit facility.
Image source: Energy & Utilities
Saudi Arabia, Riyadh: The Saudi Electricity Company (SEC) has announced obtaining a $567.5 M credit facility.
The credit facility will be used to finance its Saudi Arabia – Egypt electricity interconnection project.
SEC also announced signing an agreement to obtain a $3 B International Syndicated Facility from a group of 15 regional and international lenders.
The $567.5 M facility takes the form of an Export Credit Agency (ECA) facility covering a 14-year tenor, signed with Standard Chartered Bank and Sumitomo Mitsui Banking Corporation, and guaranteed by the Swedish Export Credit Agency.
“We look forward to leveraging the International Syndicated Facility to serve our CAPEX requirements, resulting in long-term growth for the business and our investors, furthermore, the ECA facility will support Saudi Arabia – Egypt electricity interconnection project,” said Khaled Al-Gnoon, CEO of SEC.
The Saudi – Egypt project to link electricity grids will be the first ever large-scale HVDC interconnection in the Middle East and North Africa. It launched last fall with the signing of $1.8 B in contracts for the venture, led by SEC and the Egyptian Electricity Transmission Company (EEHC).
Source: Energy & Utilities
#Egypt#electricity interconnection project#financing#HVDC interconnection#Saudi Arabia#Saudi Electricity Company