Saudi Electricity Co signs $900 mln KEXIM-backed loan for Shuqaiq plant

The facility has a 13.25-year lifespan and is guaranteed by KEXIM. Bank of Tokyo-Mitsubishi, Deutsche Bank and Santander are among the lenders providing funding, the bourse statement said.

State-controlled SEC, the largest utility company in Saudi Arabia, has previously said that it expects the total cost of the project to be $3.2 billion.

It signed a contract in 2013 with South Korea's Hyundai Heavy Industries Co. Ltd. to build the 2,640 megawatt Shuqaiq power plant in southwestern Jizan province.