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Saudi Electricity co-sign investment deal on Shuqaiq power plant

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Saudi Electricity co-sign investment deal on Shuqaiq power plant

The construction of an integrated water and power plant in Shuqaiq, situated in Saudi Arabia, is to get additional financing.

The state-controlled Saudi Electricity Company, one of the shareholders and the owner of 8% of the plant’s stakes, signed a $900 million loan agreement with the Korean Export-Import Bank, Reuters reported on the 15th of May. According to the deal, in addition to the Export-Import Bank of Korea, funding will also be provided by the Bank of Tokyo-Mitsubishi, Deutsche Bank and Santander.

Besides the Saudi Electricity Company, the largest utility company in Saudi Arabia, three more companies hold shares in the facility. These are ACWA Power (40%), the Public Investment Fund (32%) and the Gulf Investment Council (20%). The owner of the plant is the Shuqaiq Water & Electricity Company.

According to the Saudi Electricity Company’s official documentation, the expected cost of the project is $3.2 bln.

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