Saudi Arabia’s SEC raises $3.56bn to finance growth and support Egypt electricity project – The National

Saudi Arabia’s SEC raises $3.56bn to finance growth and support Egypt electricity project – The National

Saudi Electricity Company, the kingdom’s main utility, has raised more than $3.56 billion in financing to support its long-term growth and the Saudi Arabia-Egypt electricity interconnection project, it said on Thursday.

SEC signed an agreement to obtain a US dollar-denominated $3bn international syndicated facility and a $567.5 million Export Credit Agency (ECA) facility, it said in statements to the Tadawul stock exchange, where its shares are traded.

Covering a five-year tenor, the $3bn unsecured facility will be obtained from 15 regional and international lenders. It will be used to refinance an existing syndicated facility that was raised in 2017 and is scheduled to mature this month.