Financial close for PP10 Riyadh power plant due in August

30 July 2008
Financial close for the SR11.5bn ($3.1bn) PP10 power plant near Riyadh is expected to close on 4 August, with support mainly coming from Saudi banks.

The project is sponsored by Saudi Electricity Company (SEC) and is being developed by the local Arabian Bemco. The arrangers and bookrunners on the deal, Banque Saudi Fransi and Samba, are hoping to close the deal in early August.

The financing will involve a SR8.5bn facility lasting four-and-half-years. Only Saudi institutions have been invited to finance the deal (MEED 4:7:08).

PP10 will generate 2,000MW of power once completed, which is expected in three years. The first 1,000MW of power is due to come on stream in 2010.

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