Saudi state power firm SEC has signed a revolving credit facility with nine international banks to raise up to $2.15bn in two tranches: up to $1.58bn over three years and up to $572.5mn over five. The agreement takes the total of SEC’s lending since 2007 to $43bn (MEES, 28 September).

SEC’s finance chief and acting CEO Fahad al-Sudair says “the financing is aimed at the company’s overall business structure.” He says revolving credit facilities are an integral...