SEC Seeks $3.8bn In Credit, Project Cash

State utility Saudi Electricity Company (SEC) is seeking further cash to fund its large-scale and continuing capacity expansion program. The company’s board has sanctioned a proposal to negotiate for a revolving credit facility and seek other loans.

SEC informed the Saudi stock exchange (Tadawul) that the revolving credit facility will be in two forms: a loan in Saudi riyals that “does not exceed SR 3bn” ($800mn) and another in US dollars that “does not exceed $1.5bn.”

Additionally, SEC’s executive committee sanctioned “several versions” of instruments to raise amounts up to $1.5bn “to finance the company’s capital projects.” SEC is currently building power plants with combined capacity of 7GW for start-up in 2016-18, as well as upgrading and expanding its existing supply grids. (CONTINUED - 306 WORDS)