Banks close Riyad PP11 project financing

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22 June 2010

Banks have signed a jumbo project financing for Saudi Electricity Co’s (SEC) 1,730MW gas-fired independent power project (IPP) Riyad PP1.

Banks have signed a $2 billion project financing for Saudi Electricity Co’s (SEC) 1,730MW gas-fired independent power project (IPP) Riyadh PP11.

Sponsored by SEC (50%), GDF Suez (20%), Al Jomaih Group (15%) and Sojitz (15%) total project costs are $2 billion, with a $1.5 billion long-term debt package and a $500 million equity bridge loan.

The financing splits into a $400 million direct loan from US Ex-Im, a $500 million commercial...

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