US-based CMS Energy’s joint venture with the Saudi National Power Company, Jubail Energy Company (JEC), has closed a USD 170 million limited recourse project financing for construction of a co-generation plant designed to produce up to 250 MW and 510 tons of industrial steam per hour. The plant is expected to be in operation in 2005 and will be the first independent power plant in Saudi Arabia. The limited recourse bank facilities were arranged by Banque Saudi Fransi, Credit Agricole Indosuez, Arab National Bank, Arab Petroleum Investments Corporation and Riyad Bank. The plant will be located within the Saudi Petrochemical Company’s (SADAF) complex at the Jubail Industrial City in Saudi Arabia. CMS Energy owns 25% of JEC, which has entered into a long-term contract with SADAF for the entire output of the plant.
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