Saudi Arabia power plant PP11 secures refinancing
The Dhuruma Electricity Company has secured the $1.2bn refinancing loan for the power plant 11 (PP11) in Saudi Arabia
The Dhuruma Electricity Company has secured the $1.2bn refinancing loan for the power plant 11 (PP11) in Saudi Arabia.
The PP11 was commissioned in Dhuruma, about 80km west of the Saudi capital city of Riyadh, in 2013. The plant has a capacity of 1,730MW.
The finance secured for the project is divided into two trances. The first, worth $650m, is provided by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), Japan’s MUFG and France’s Societe Generale.
The second $500m tranche will be provided by Banque Saudi Fransi and Saudi National Bank (SNB).
Dhuruma Electricity Company Power was incorporated as a joint stock company to develop and operate the PP11 plant in 2010 with SR2m capital. The company was formed by a developer consortium of GDF Suez (now Engie) of France, Sojitz of Japan and the local Aljomaih Group. The power plant was constructed by South Korea’s Hyundai Heavy Industries (HHI).
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