Saudi Electricity Company (SEC) is seeking a $1 billion loan to fund its expansion across Saudi Arabia, according to a Bloomberg report.

The facility will carry a five-year tenor, with Sumitomo Mitsui Banking Corp. acting as the sole mandated lead arranger and bookrunner, the report said, quoting people aware of the matter.

The funds will be used for general corporate purposes, the report said.

Capital expenditure of SEC, which is listed on the Saudi stock exchange, hit an all-time high of SAR 60 billion in 2024, up 44 percent from the previous year. 

SEC has commissioned the country's first battery energy storage system (BESS) in Bisha, with a capacity of 500 MW, and advanced the development of five additional storage projects totaling 2,500 MW.

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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