Saudi Electricity Company (SEC) said it has signed a $500 million green credit facility with The Japan Bank for International Cooperation (JBIC). 

In a statement to the Saudi stock exchange Tadawul on Thursday, SEC said JBIC was the bank financing and guaranteeing the facility while seven other Japanese banks also participated as financing entities.  

The company will use the funds to support green transmission and distribution projects.  

The signing follows an MOU in December 2020 under Saudi-Japan Vision 2030, intended to strengthen cooperation in promoting energy transition, and environmental and social sustainability, the statement said.  

(Writing by Imogen Lillywhite; editing by Brinda Darasha) 

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