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Saudi Electricity Gets $500 Mln Tokyo-Mitsubishi Loan
Loan to finance some of the company's capital projects
March 12, 2011 6:25 by Reuters
Saudi Electricity Co (SEC) said on Saturday it has signed a $500 million loan agreement with the Bank of Tokyo-Mitsubishi UFJ Ltd to finance some of the company’s capital projects.
“This kind of financing is in line with the company’s strategy of diversifying its sources of finance and to open the door to tap into global markets, as well as to support the company’s investments in meeting the growing energy demand in the country,” the firm said in a bourse statement.
It did not give the terms of the loan.
SEC plans to invest $80 billion to boost its capacity to at least 70,000 megawatts by 2020 from an installed capacity of 50,000 MW to meet domestic demand, which is rising at 8 percent annually.
Saudi Electricity is 81 percent owned by the government, while 19 percent is floated on the stock market. (Reporting by Asma Alsharif)