Saudi Arabia's SWCC signs $426.5 million-worth loan

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© Reuters. Saudi Arabia's SWCC signs $426.5 million-worth loan© Reuters. Saudi Arabia’s SWCC signs $426.5 million-worth loan

DUBAI (Reuters) – Saline Water Conversion Corp (SWCC), which operates desalinization plants and power stations in Saudi Arabia, has signed a 1.6 billion riyals ($426.54 million) financing agreement, it said on its Twitter account.

The “bridge” loan will finance projects to improve efficiency at desalination plants Jubail 1 and Khobar 2.

The company plans to double daily production from the plants and save 1.25 billion riyals a year on operating costs.

Banque Saudi Fransi (SE:) and Saudi British Bank (SE:) provided the facility, while HSBC Saudi Arabia worked as financial advisor.

The government debt management office advised SWCC on its financing options.

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