Saudi Electricity Company (SEC) has signed a $2.15bn revolving credit facility agreement with eight international banks.

The facility is divided into two tranches. The first is for $1.578bn that matures after three years, and the second is for $573m that matures after five years.

The banks are Abu Dhabi First Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo Foundation, HSBC, JPMorgan Chase, and Natixis Bank.

SEC has secured a $2.6bn international syndicated loan in January this year to assist with its ambitious capital expenditure plans.

MEED reported in August last year that SEC had signed a $1.75bn international syndicated loan to boost funds for capital expenditure plans.

In June 2016, SEC signed a $1.5bn direct trade finance agreement with International Commercial Bank of China (ICBC).