'The [20-year] energy conversion agreement is due to be signed on 20 December and that effectively sets the clock ticking on the financing package,' says a banker close to the deal.

The expected $500 million debt package will be lead arranged by Arab National Bank, Banque Saudi Fransiand Saudi American Bank, the group which backed the winning developing consortium comprising the UK's International Power (IP)and Saudi Oger (MEED 19:9:03, Power & Water).

The landmark project calls for the installation of 960 MW of generating capacity at four separate locations at Ras Tanura, Juaymah, Uthmaniyah and Shedgum (see Cover Story, pages 4-7).

The IP/Oger team is supported by an engineering, procurement and construction (EPC) team headed by Japan's Mitsui & Company.