Saudi Electricity Company (SEC) has activated an MoU that was signed with the Export-Import Bank of Korea (K-Exim) in Seoul, by signing of the framework agreement with the bank’s credit ceiling of up to $3 billion.

With this, SEC can finance projects with Korean contents during the next three years, which will support the company’s plans and investments in Saudi Arabia, reported the Saudi Gazette.

Ziyad Bin Mohamed Al-Shiha, CEO of SEC, explained that SEC implemented ambitious plans in the field of energy conservation and rationalizing its use, where the company provides all the support for the programs and the efforts of the Saudi Center for Energy Efficiency.

He asserted that SEC is working to keep the fuel by implementing programs and projects to raise the performance efficiency while reducing costs production through conversion of power plants from simple cycle to combined cycle, and implementing projects of renewable energy.

The company is currently establishing a green generation station of Deba which is one of the largest projects in the world that blends its modules of composite power that run on gas with units Solar energy project, with a total capacity of 605 megawatts, and the solar power plant in the city of Aflaj with capacity of 50 megawatts, in cooperation with King Abdul Aziz City for Science and Technology, Al-Shiha said.