Saudi Electricity Company signs $1.5bn finance deal

30 June 2016

Chinese lender supports utility

Saudi Electricity Company (SEC) has signed a $1.5bn direct trade finance agreement with International Commercial Bank of China (ICBC).

The unsecured finance has a five-year tenor. It will be used for capital expenditure projects.

Chinese contractors such as Shandong Electric Power Construction Corporation (Sepco III) are increasingly active in the GCC power market.

As Saudi Arabia pushes ahead with meeting renewables targets, Chinese suppliers will also become important.

SEC secured a $900m loan to fund the construction of the Shuqaiq power plant from Export-Import Bank of Korea (Kexim) and a group of international lenders in May.

Stay informed when you are on the move

All MEED subscribers have free access to the MEED app. Download it today, available on Apple and Android devices

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications