The Dhuruma Electricity Company has secured the $1.2bn refinancing loan for the power plant 11 (PP11) in Saudi Arabia.The PP11 was commissioned in Dhuruma, about 80km west of the Saudi capital city of Riyadh, in 2013. The plant has a capacity of 1,730MW.The finance secured for the project is divided...
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The Dhuruma Electricity Company has secured the $1.2bn refinancing loan for the power plant 11 (PP11) in Saudi Arabia.
The PP11 was commissioned in Dhuruma, about 80km west of the Saudi capital city of Riyadh, in 2013. The plant has a capacity of 1,730MW.
The finance secured for the project is divided into two trances. The first, worth $650m, is provided by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), Japan’s MUFG and France’s Societe Generale.
The second $500m tranche will be provided by Banque Saudi Fransi and Saudi National Bank (SNB).
The PP11 project is a 1,730 MW gas-fired combined cycle power plant located c. 125km to the west of Riyadh, Saudi Arabia. It is made of seven gas turbine generator units and two steam turbine generator units supplied by General Electric. Construction started in 2010 and the plant reached COD in 2013. Since then, it has been generating electricity under a 20-year (currently being extended by one year) power purchase agreement with Saudi Electricity Company following an availability-based tolling model. O&M is undertaken by DHOM, an entity owned by ENGIE (80%) and Aljomaih (20%) under a O&M agreement covering the PPA tenor.
The project was first refinanced in 2016 under a soft mini-perm structure.
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