SEC inks MoU with JBIC to finance current, future projects

Saudi Electricity Co. signs MoU with JBIC

Saudi Electricity Co. (SEC) signed a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC) to finance its existing and future projects, and promote energy conversion, environmental and social responsibility in the local energy sector.

The MoU is valid for a renewable period of three years from the signing date, SEC said in a statement.

Under the MoU, the utility provider and JBIC aim to hold regular discussions, share information and develop solutions that tackle the challenges faced by the Kingdom amid efforts to promote energy conversion, as well as environmental and social sustainability in the Saudi energy sector and other countries.

This memorandum comes in line with with the Ministry of Energy’s aspirations aimed at sustaining the energy sector, raising its reliability and expanding its diversity, as well as being, said Fahad Al-Sudairi, the chief executive officer of SEC.

Both parties are working on launching several initiatives to develop a smart infrastructure based on smart electricity transmission networks and automating distribution networks and smart meters. These initiatives will increase the reliability and efficiency of the service and contribute positively to environmental and social sustainability, Al-Sudairi added.