Saudi Electricity set to ink $3 bln financing MoU with Korea Eximbank

Saudi Electricity Co. (SEC) said it will sign on Tuesday a framework memorandum of understanding with Export-Import Bank of Korea (Eximbank) for up to $3 billion

 financing.

The initial agreement puts no financial obligations on SEC, the company said.

The utility provider will also a sign three-year preliminary agreement with General Electric to study a joint venture for the maintenance and operation of power stations in Saudi Arabia.

SEC added that it will sign another three-year memorandum with Korea Electric Power Corporation (KEPCO) for cooperation on nuclear and renewable energy, power transmission, as well as project development. 
 

The company also plans to ink a MoU to cooperate with Doosan Heavy Industries and Construction Co.— one of

largest companies in its field— ​to develop power stations, renewable energy facilities, and training units.

Saudi’s government currently owns 81 percent of SEC, which is the Gulf region’s largest utility provider.