Finance Saudi Electricity raises $4bn from 15 banks By Pramod Kumar August 26, 2024, 6:45 AM Unsplash.com/Fré Sonneveld This month, Saudi Electricity reported a 17 percent year-on-year rise in net profits to SAR5.2 billion Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange on Sunday. NewsletterGet the Best of AGBI delivered straight to your inbox every week The financing entities includes Abu Dhabi Commercial Bank, Bank of America Europe, First Abu Dhabi Bank, HSBC Middle East, Industrial and Commercial Bank of China (Macau), JPMorgan Securities, Mizuho Bank, MUFG Bank (DIFC Branch), Standard Chartered Bank (Hong Kong), SMBC International Bank, The Saudi Investment Bank, BNP Paribas, Emirates NBD Capital KSA, Intesa Sanpaolo (Dubai Branch) and Natixis (DIFC Branch). In May, the company secured a $1 billion Islamic credit facility from Saudi National Bank, the largest bank by assets in the kingdom. Saudi Arabia signs IAEA protocol as nuclear plans advance 1,200 sites to be surveyed for Saudi solar and wind power drive Saudi adds 5,500MW to meet its renewable energy target This month, Saudi Electricity reported a 17 percent year-on-year rise in net profits to SAR5.2 billion, with revenues rising 16 percent annually to SAR38 billion. In its H2 2024 result presentation, the company said it expects to spend SAR35 to SAR40 billion in capital expenditure this year, given the strong growth in power demand across the country.
