Saudi Electricity Company, which is listed on the Saudi stock exchange, has signed a $3 billion financing agreement with regional and global banks to support large-scale power generation, transmission, and distribution projects across the Kingdom.

The agreement was signed with a consortium of banks on the sidelines of the ninth edition of the Future Investment Initiative (FII9) held in Riyadh, the Saudi Press Agency reported.

The consortium includes Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Agricultural Bank of China, Barclays Bank, China Construction Bank, China Guangfa Bank, China Minsheng Bank, Dubai Islamic Bank, Emirates NBD Bank, HSBC, Industrial and Commercial Bank of China, ING Bank, The Bank of East Asia, and China Merchants Bank.

Additionally, Saudi Electricity signed a $1 billion export credit agency (ECA) agreement with Swiss Export Risk Insurance and Standard Chartered Bank to enhance Saudi and Swiss content in project execution and improve the company’s capital efficiency.

Earlier this week, SEC signed two power purchase agreements (PPAs) totalling 14.23 billion Saudi riyals ($3.8 billion) for a combined production capacity of 3,956 megawatts (MW).

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

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