JEDDAH: Saudi Electricity Co. (SEC) said on Wednesday it had signed an agreement for a $1.4 billion loan with seven international banks to be used as a back-up credit facility.

The facility has a lifespan of three years and was provided by Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Banking Corporation, HSBC, JP Morgan, Credit Agricole and Deutsche Bank.

On Dec. 16, SEC said it signed an agreement for a reserve credit facility worth up to SR2.5 billion ($666.1 million) with National Commercial Bank and Samba Financial Group.

The transaction announced on Wednesday brings the company’s total revolving facilities to a value of SR7.75 billion, the statement added.