SEC signs $500 million agreement with Japanese banks to finance clean energy
Saudi Electricity Company (SEC) signed a US $500 million green credit facility with the Japan Bank for International Cooperation (JBIC), to support green transmission and distribution projects.
“The facility signing 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,” said the company in a statement on Saudi Arabia’s stock market Tadawul.
They said in the statement that the objective of this MoU is to finance transmission and distribution projects related to renewable interconnection, energy efficiency and system reliability.
In addition to JBIC, there are other seven Japanese banks who will be financing the projects.
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