Sources to CNBC Arabia: A Saudi Electricity project is in the process of obtaining $1.2 billion in refinancing | Corporate News

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Banking sources told CNBC Arabia that a project of the Saudi Electricity Company is in the process of obtaining $1.2 billion in refinancing, with the cost of financing low in the market.

The sources added that the project that received funding is PP11, which is specialized in the production of electric power, which dates back to 2013 and is located in the Saudi city of “Dhurma” near Riyadh, which was fully financed using debt.

The financing that the project will receive is divided into a dollar tranche estimated at 650 million dollars provided by the Japanese SMBC banks, the French Société Générale and the Japanese mufg.

As for the second tranche, it amounts to 550 million dollars in Islamic financing, provided by the Saudi Fransi banks and the National Bank.

And Dharma Company, the company that was established to implement the project, and its ownership is divided equally between Saudi Electricity by 50% in addition to a number of companies, most notably the French “Ange” company by 20%.





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