Riyadh – Mubasher: Saudi Electricity Co. (SEC) has signed a SAR 1.5 billion ($420 million) loan agreement with Credit Agricole and Banco Santander, according to the company’s statement.

The 12.7-year facility is guaranteed by Korea Trade Insurance Corporation (K-Sure).

The loan aims to fund part of the capital costs of construction at Shuqaiq Steam Power Plant.