Thursday, Jun 23, 2011
(This item was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Saudi Electricity Co. (5110.SA), or SEC, said Wednesday it signed a 12-year $989 million loan with a group of international banks.
The loan will be used to purchase equipment from Alstom S.A. (ALO.FR) for the expansion of the 1,200-megawatts Shuaibah 3 power station on the Red Sea, SEC said in a statement posted on the website of the Saudi bourse.
The banks were HSBC, Bank of Tokyo Mitsubishi, Citibank (C), Deutsche Bank AG (DB) and Sumitomo Mitsui Financial Group Inc. (SMFG).
SEC agreed a 51.1 billion Saudi Arabian riyals ($13.6 billion) lifeline with the Saudi government earlier this month to support its expansion plans.
The company is planning to add 4,000-5,000 megawatts a year to its generating capacity to meet rising peak load power demand of 10% a year, a senior electricity official told Dow Jones last month.
SEC shares closed 0.7% higher at SAR13.70 Tuesday.
-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-11 0353GMT
