Saudi Electricity Company’s SAR 15.2 Billion Murabaha Facility

Clifford Chance and Abuhimed Alsheikh Alhagbani Law Firm (AS&H) advised the financiers to Saudi Electricity Company (SEC), the Gulf’s largest utility provider and primary supplier to the Kingdom of Saudi Arabia, on their SAR15.2 billion (approx. US$4 billion) murabaha syndication facility agreement.

National Commercial Bank, Al-Rajhi Banking & Investment Corporation, the Saudi British Bank, Banque Saudi Fransi, Samba Financial Group and Arab National Bank acted as financiers on the deal.

This new facility is set to enable SEC to meet various business objectives for the upcoming year, including capital expenditure.

Saudi Electricity Company is a Saudi electric utilitycompany. It enjoys a monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country.

The Clifford Chance team was led by Mohamed Hamra-Krouha (Picture) with support from Yasser Al-Hussain, Ali Moiz Ansari and Reema Al-Hamoud from Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance.

Involved fees earner: Reema Al-Hamoud – Abuhimed AlSheikh AlHagbani (AS&H); Yasser Al-Hussain – Clifford Chance; Mohamed Hamra-Krouha – Clifford Chance; Ali Moiz Ansari – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: Al-Rajhi Banking & Investment Corporation; Arab National Bank (ANB); Banque Saudi Fransi; National Commercial Bank (NCB); Samba Financial Group; Saudi British Bank (SABB);