Saudi Electricity Company has signed a 10 billion Saudi riyals ($2.67 billion) worth local syndicated facility agreement, the company said in a statement to the Saudi stock exchange on Tuesday.

The facility is provided by nine banks, which include Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank Aljazira, QNB Group Qatar National Bank KSA and The Saudi Investment Bank.

The fund will be used to finance general corporate purposes, including capital expenditure.

The seven-year facility is free of collateral, the statement added.

(Editing by Seban Scaria seban.scaria@lseg.com)