Saudi Electri- city Co (SEC) has signed a $366 million loan agreement with the Japan Bank for International Coope - ration (JBIC) and two Japanese banks to help finance the construction of a 2,650 megawatt (MW) power plant in Jeddah . The facility, funded by Bank of Tokyo-Mitsubishi UFJ and Mizuho Financial Group , is part of a wider $2 billion finance package for the Jeddah South project, according to a SEC bourse filing. The remaining $1.634 billion , to be completed through a facility provided by South Korea , will be signed later this week, the statement said, without elaborating further. The Japanese-backed financing comes with a guarantee from export credit agencies.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- FDIC Sues Big Banks Over Rate Manipulation
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Stocks Close Lower Ahead of Crimea Vote
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Ulta Shares Look Good on Strong Q4
- FDIC Accuses Big Banks of Fraud, Conspiracy