The government of Saudi Arabia will provide a $13.6 billion loan to Saudi Electricity Company (SEC), The Wall Street Journal reports. The financing, which was approved by the kingdom’s cabinet will mature in 25 years.
The power producing company will use the funds to invest $80 billion over the next 10 years to add 20 gigawatts of power generation capacity. As a part of fundraising process, SEC also mandated HSBC and Deutsche Bank for its $1.5 billion U.S. dollar-denominated bond sale in late 2011.
