Saudi Arabia’s Saline Water Conversion Corp (SWCC), which operates desalination plants and power stations in the kingdom, has signed a 1.6 billion riyals ($430 million) bridge financing agreement with local banks.

The financing aims to improve the utilization of assets and increase the efficiency of desalination plants Jubail 1 and Khobar 2, double their daily production, and achieve savings on energy and operational costs of up to 1.25 billion riyals ($ 330 billion) annually, SWCC said.

The financing was provided by Banque Saudi Fransi and Saudi British Bank (SABB) and with the support of the financial consultant of the company HSBC Saudi Arabia, the corporation said in Arabic through its official twitter account.

The National Debt Management Center (DMO) provided advisory services to the corporation to offer the most appropriate financing solutions, SWCC tweeted.

SWCC is the second largest electricity power producer in Saudi Arabia and the largest water desalination company in the world.

In September last year, the Saudi Council of Ministers approved the blueprint for SWCC privatization.

(Writing by Nada Al Rifai, Editing by Seban Scaria)

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