Financing for the SR11.5bn ($3.1bn) PP10 power plant near Riyadh has reached financial close with a group of exclusively Saudi Arabian banks.
The deal, arranged by Banque Saudi Fransi and Samba, involves a SR8.28bn loan facility with a tenor of four and a half years.
Other banks providing financing are National Commercial Bank, Arab National Bank, Riyad Bank and Saudi Hollandi, after the advisers only invited local banks to finance the deal (MEED 30:7:08).
Arabian Bemco is acting as the contractor on the project to build the 2,000MW power plant, which is expected to take three years to complete. The first 1,000MW of power will be provided from 2010.
The project sponsor is Saudi Electricity Company (SEC).
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