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 1050.SE and Saudi British Bank 1060.SE provided the facility, while HSBC Saudi Arabia worked as financial advisor.
The government debt management office advised SWCC on its financing options.
Reporting by Yousef Saba, editing by Davide Barbuscia