Saudi Electricity secures $500 mln green facility to support transmission and distribution networks

Office of Saudi Electricity Co.

Saudi Electricity Co. (SEC) signed, on July 7, a green facility worth $500 million, financed and guaranteed by Japan Bank for International Cooperation (JBIC), to support its green projects in the field of transmission and distribution networks, the utility provider said in a statement to Tadawul.

The facility was secured from JBIC, MUFG Bank Ltd., The Bank of Yokohama, Ltd., The Joyo Bank, Ltd., The Nanto Bank, Ltd., The Nishi-Nippon City Bank Ltd., The Hachijuni Bank, Ltd. and The San –in Godo Bank Ltd.

The 12-year facility will be used to finance transmission and distribution projects related to renewable interconnection, energy efficiency and system reliability.

The facility comes at the backdrop of the MoU signed between SEC and JBIC in December 2020, under Saudi-Japan Vision 2030, to strengthen cooperation for promoting energy transition and environmental and social sustainability.

There are no related parties to the deal, the statement added.