A consortium of Saudi Arabia’s electricity companies, including Saudi Electricity Company (SEC) and Riyadh-based Acwa Power, had refinanced debt of the Rabigh 1 power project, totaling more than $1.82b. The consortium, which runs the 1,240 MW fuel oil-fired plant on the western coast of Saudi Arabia, said in a statement that the refinancing consists of a conventional international tranche and two Islamic riyal-denominated parts, Arabian Business informed.
Conventional debt totaling $300m was covered by Korean insurance companies including Samsung Life as well as international banks such as Credit Agricole. Trade Arabia reported that Saudi’s Alinma Bank and Al Rajhi Bank provided a loan worth $850m, while an approximate amount of $600m in a loan came from National Commercial Bank, Banque Saudi Fransi, Arab National Bank, Samba Financial Group, and Saudi British Bank (SABB).
In mid May, SEC has started up part of the new 2,640MW Jeddah South power plant and linked it to the grid, in order to face the growing electricity demand from the western region particularly in the cities of Mecca and Medina.