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Saudi Electricity Inks $500M Loan

Gulf Arab states-listed utility, Saudi Electricity has secured a credit facility worth $500 million.

Gulf Arab states-listed utility, Saudi Electricity (SEC) has secured a credit facility worth $500 million, The Wall Street Journal reports. The company has signed the loan agreement with Bank of Tokyo-Mitsubishi UFJ to finance some of its expansion plans.

SEC has not revealed the terms of the credit line but is part of its plan to expand its financing sources. It is also expecting toinvest about $80 billion to add 20,000 megawatts of power generation capacity over the next 10 years.

Click here for the story from The Wall Street Journal.

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