Saudi Electricity Co. has obtained a 16 billion-riyal ($4.3 billion) financing facility from regional lenders, weeks after tapping international debt markets with Islamic bonds.
The utility signed a three-year murabaha agreement with seven banks, with an option to extend the tenor, according to a regulatory filing. The lenders include Saudi National Bank, Al Rajhi Banking and Investment Corp., Saudi Awwal Bank, Banque Saudi Fransi, Arab National Bank, Riyad Bank and Qatar International Islamic Bank.
The bank financing follows Saudi Electricity’s January issuance of a three-part sukuk totalling $2.4 billion, as the state-backed utility continues to diversify its funding sources to support capital expenditure and balance sheet requirements.
