Saudi Electricity Company (SEC) announced in a statement that it has signed a Green credit facility, financed and guaranteed by the Japan Bank for International Cooperation (JBIC), to support its Green projects in the field of transmission and distribution networks.
The financing amount will be USD 500 million and duration of the finance will be 12 years.
The entity of finance includes:
- Japan Bank for International Co-operation
- MUFG Bank Ltd.
- The Bank of Yokohama, Ltd
- The Joyo Bank, Ltd.
- The Nanto Bank, Ltd
- The Nishi-Nippon City Bank Ltd.
- The Hachijuni Bank, Ltd
- The San –in Godo Bank Ltd.
The facility will be utilized to finance transmission and distribution projects related to renewable interconnection, energy efficiency and system reliability.
The facility signing comes at the backdrop of the MoU signed between SEC and JBIC in December 2020, under Saudi-Japan Vision 2030, to Strengthen Cooperation for promoting energy transition and environmental and social sustainability, statement said.
