Saudi Electricity Company (SEC) said a $900 million loan agreement with the Export-Import Bank of Korea (KEXIM) and other international banks will finance the construction of the new Shuqaiq power plant.
The loan is guaranteed by KEXIM, but is funded by banks that include Deutsche Bank, Santander Bank and the Bank of Tokyo Mitsubishi UFJ for the life of the loan, 13.25 years.
SEC expects the total cost of the 2,640 megawatt Shuqaiq power plant project to be $3.2 billion.
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