SEC to ink 7 MoUs with Chinese, Japanese firms

Saudi Electricity Co. (SEC), the Gulf’s largest utility firm, will sign seven memorandums of understanding (MoUs) with Chinese and Japanese firms during Saudi Deputy Crown Prince Mohammed bin Salman's visit to the Asian countries this week.

SEC will sign three-year MoUs with China’s Shanghai Electric covering the transfer of energy-related services and investment in independent power production (IPP) projects, the company said in a statement to Tadawul.

Two other three-year MoUs will be inked with Huawei and ZTE to enhance cooperation in the fields of networks, smart gauges, solar power and energy training.

The Saudi-listed utilities provider is expected to finalize a two-year preliminary agreement with a Chinese utilities provider in cooperation with Saudi Aramco. The deal will cover the financing, building, operation and maintainenance of power plants, as well as other renewable energy projects.

SEC will sign a five-year MoU with Tokyo Electric Power Co. (TEPCO) related to energy demand management and power usage efficiency.

Other deals will be signed with JGC Corporation and Mitsubishi to build waste-to-energy plants, finance, build, operate and maintain power plants, and renewable energy projects across the kingdom.

SEC explained it there were no liabilities associated with the MoUs, adding that it would provide more details in due course.