SR 15.2 billion worth of financing agreement between Saudi Electricity Company and six local banks

Media in /Riyadh 20 February 2019

Saudi Electricity Company has signed a syndicated financing agreement with six local banks worth 15.2 billion riyals, extending to seven years with a two-year grace period and unsecured financing by the six local banks.

This financing will contribute to the payment of some of the financial obligations of the company and enhance the reliability of the service for the electrical network. It will contribute significantly to improving the operational efficiency by injecting capital investments to cope with the growing demand for electrical service in all residential, industrial, governmental and commercial sectors. All the fields”.

The funding represents a major boost to the 2019 financing plan, extending the average maturity of the company’s financing mix, enhancing the company’s core expenses, and increasing funding for network connectivity and service reliability.