The state-run Saudi Electricity Company (SEC) has signed a USD3 billion international syndicated facility agreement with four major regional banks, namely Dubai Islamic Bank PJSC, Kuwait Finance House, Mashreq Bank, and Saudi National Bank.
The financing arrangement spans a period of five years and notably requires no guarantees from SEC. The funding injection was part of its vision to invest approximately SAR500 billion in expanding its electricity sector and capex spending by 2030. These investments are geared towards delivering electricity services to subscribers, enhancing the company’s regulated asset base, and fortifying its financial standing, thereby boosting prospects for revenue growth. These initiatives aim to create essential infrastructure for T&D grids, thereby optimising electricity generation efficiency levels and aligning with the goals of Vision 2030, Saudi Arabia’s ambitious long-term development plan.