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$500m loan for SEC

by Michael Palmer on Mar 14, 2011

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SEC secures $500m loan for expansion. (Getty Images)

Saudi Electric Co (SEC) has announced it has secured a $500m loan from the Bank of Tokyo-Mitsubishi UFJ Ltd, to help finance expansion.

While reluctant to reveal the terms of the loan, SEC has said in a bourse statement that: “This kind of financing is in line with the company’s strategy of diversifying its sources of finance, and to open the door to tap into global markets as well as to support the company’s investments in meeting the growing energy demand in the country.”

Over the next ten years, SEC is expected to invest $80bn in an attempt to boost its power generation capacity to 70,000MW, as the Kingdom struggles to meet an annual rising domestic demand of eight per cent.

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