Saudi Electricity Company (SEC) has secured a $1 billion Islamic credit facility from Saudi National Bank, the Kingdom's largest bank by assets.

The bilateral Murabaha loan, which was secured on May 7, 2024, will fund general corporate purposes and capital expenditure (capex), the Saudi-listed utility provider said in a statement published on the Saudi stock exchange on Tuesday.

The loan has a tenure of five years with an option to extend for another two years, the statement added.

SEC announced this week that it has successfully secured financing for the Taiba 1 and Qassim 1 independent power plant (IPP) projects, securing SAR 11.4 billion non-recourse financing.

(Editing by Seban Scaria )