Saudi Electricity gets $567.5 million to finance power interconnection project with Egypt

Saudi Electricity Company (SEC) has secured a $567.5 million export credit agency (ECA) facility from Standard Chartered Bank and Sumitomo Mitsui Banking Corporation to finance power interconnection project with Egypt, according to a statement released by the company on Thursday.

The financing period for the project will extend to 14 years, and will be guaranteed by the Swedish Export Credit Agency and funded by the Swedish Export Credit Corporation (SEK).

The interconnection project is being implemented using HVDC technology, with a voltage of 500 kV, and a capacity of 3000 MW.

On October SEC and the Egyptian Electricity Transmission Company (EETC) had signed contracts to award the electrical interconnection project between the Kingdom and Egypt.