Saudi Electricity Company (SEC) has signed a landmark financing agreement with the Italian Export Credit Agency (SACE), with a total value of up to $1 billion, aimed at supporting the development and expansion of electricity projects across the kingdom.

This financing partnership marks an important milestone in SEC’s efforts to enhance grid reliability, expand generation capacity, and support the kingdom’s long-term economic and environmental objectives.

The agreement was signed in the presence of senior representatives from both parties, reflecting the strong and growing economic cooperation between Saudi Arabia and Italy. 

A consortium of leading international and regional financial institutions was part of the transaction, including HSBC, KfW IPEX-Bank, Citibank, ING Bank, Intesa Sanpaolo, UBS, ICBC, Mashreq, Sabadell, Santander, BNP Paribas, BofA Securities, and BBVA, highlighting strong global confidence in SEC’s financial strength and strategic direction.

The financing framework will enable SEC to access long-term funding backed by SACE, supporting strategic electricity infrastructure initiatives and reinforcing the Kingdom’s energy sector.

According to SEC, the agreement is expected to have a significant strategic impact by facilitating the financing of critical electricity projects, strengthening Saudi–Italian cooperation, and supporting sustainability goals. 

It also aligns with SEC’s commitment to advancing the energy transition and accelerating the adoption of cleaner and more sustainable energy solutions in line with Saudi Vision 2030, it added.-TradeArabia News Service