Saudi Electricity Company (SEC) said it signed a $1.4 billion loan agreement with a group of international banks led by HSBC to help finance the construction of Rabigh VI power plant. The loan is guaranteed by Korea Trade Insurance Corporation, or K-sure, and by the Export-Import Bank of Korea, or Kexim, the Company said in a statement. SEC, which plans to invest more than $10 billion in its projects each year over the next five years, recently issued a $1.75 billion 'Sukuk'. The 15-year loan will be paid in bi-annual installments after a three-year grace period, the Company said.
