The Saudi Electricity Company (SEC) has secured a significant financial boost by announcing a $4 billion joint syndicated revolving credit facility. This facility, supported by a consortium of 15 regional and global banking institutions, is intended to fund general corporate purposes.

Among the financial institutions participating in the $4 billion syndicated revolving credit facility are Abu Dhabi Commercial Bank, Bank of America Europe, First Abu Dhabi Bank, HSBC Middle East, and several leading Chinese and Japanese banks. The loan, which has a three-year term with an option for a two-year extension, is designed to provide the Saudi Electricity Company (SEC) with the financial flexibility needed to support its ongoing operations.

The announcement follows the SEC’s robust second-quarter financial performance, in which net profits rose 8% to $1.15 billion compared to last year. Although the result slightly missed analysts’ expectations, it underscores the company’s ongoing growth and stability.

According to its 2023 Annual Report, the Saudi Electricity Company (SEC) operates 476 units across 38 power plants nationwide, with capacities ranging from 15 megawatts (MW) to 700 MW. By the end of last year, these units had a combined capacity exceeding 55,000 MW, representing 66% of the country’s total capacity. This makes SEC the largest electricity producer in the MENA region.

SEC also plays a crucial role in advancing Saudi Arabia’s Vision 2030 energy goals, which aim to generate about half of the nation’s electricity from renewable sources, with the remainder produced from gas.

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