Saudi Electricity Company (SEC) revealed in a Riyadh stock exchange filing last week that it has signed a 14-year, $567.5mn “facility agreement with Standard Chartered Bank and Sumitomo Mitsui Banking Corporation” to “partially finance Saudi - Egypt electricity Interconnection project” and that “such facility, subject to satisfaction of conditions precedent, will be guaranteed by the Swedish Export Credit Agency (EKN) and funded by Swedish Export Credit Corporation (SEK).”

Saudi Arabia and Egypt last year signed a deal to connect their grids with a 500kv HDVC line at a total cost of $1.8bn (MEES, 8 October). A first phase, capable of transmitting 1.5GW, is slated for late-2024 start-up with full 3GW capacity in mid-2025. (CONTINUED - 185 WORDS)