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Arabian Bemco, a KSA-based EPC contractor, has secured an SR 2.14 billion (US $570 million) project finance loan from a group of local banks.
Bank Saudi Fransi (BSF) and National Commercial Bank (NCB) were mandated lead arrangers for the loan. NCB is also acting as the issuing bank, facility agent and security agent.
Henry Sarkissian, Bemco CEO, said: “This reflects their [banks'] confidence in Bemco’s performance abilities, its shareholders and management. It also demonstrates the financial strength and commitment of Bemco to meet its obligations towards lenders and clients.”
Bemco specialises in power plants, industrial plants and civil projects. The company leads a consortium that recently won a US $1.85 billion contract to expand power generation capacity at the Qurayyah Power Plant in the Eastern Province.
Around 1000 MW of capacity will be added to the plant’s existing 2000 MW, taking total output to 3000 MW.
Saudi Electricity Company (SEC) has raised SR 7 billion to finance work on the project.
According to Sarkissian, Bemco's shareholders have discussed plans to float part of the company "soon.”
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