Riyadh, Saudi Arabia — The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated facility agreement with four leading banks in the region.
The agreement was signed amid Riyadh’s prominent global economic event, the Future Investment Initiative.
The financing agreement has a tenure of five years and requires no guarantees from the SEC. Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
CEO of SEC Eng. Khaled Al-Gnoon said, “The financing comes in line with our ambitious investment strategy aimed at injecting approximately SAR500 billion in our expansion plans in the electricity sector, and CapEx spend by 2030 to provide exceptional electricity services to subscribers, this as well as boosting the growth of the company’s regulated asset base, a move anticipated to fortify its financial position and prospects for revenue growth.”
Al-Gnoon said SEC’s investments primarily focus on building smart grids, integrating renewable energy projects, and improving the grid reliability, which will provide the essential infrastructure for the transmission and distribution grids to further boost electricity generation efficiency levels and achieve optimal electricity production, in line with the goals of Vision 2030.
“Furthermore, these investments translate into a myriad of environmental and societal co-benefits, affirming the designation of many of these investments as green and eco-friendly ventures,” he said.
