Khalil Issa, CEO of Energy Central.
Eastern District Cooling, a wholly-owned subsidiary of Zamil Industrial Investment Company (Zamil Industrial), has signed the first non-recourse project financing in the region with the National Commercial Bank (NCB) for a district cooling project.
In November 2007, Zamil Industrial signed a 22-year energy performance contract with Saudi Basic Industries Corporation (SABIC) for the complete outsourcing of process and comfort cooling, including the building of a central cooling plant, to supply 20 TR within the premises of Saudi Iron & Steel Company (Hadeed) in Jubail Industrial City. The total project size is valued at approximately SR300 million, and is expected to go on-stream during this year.
NCB acted as sole mandated lead arranger for a 13.5 year Murabaha facility for an amount of SR206 million. The sponsors will bring the remaining amount as equity. The project is being developed by Energy Central Company, and advised by Gulf International Bank (GIB).
The loan agreement was signed in Dammam on 27 January 2010 by Abdulla Al Zamil, CEO of Zamil Industrial, and Mansoor Durrani, head of project finance, NCB, in the presence of Khalil Issa, CEO of Energy Central, and other representatives from Zamil Industrial, NCB and GIB.
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