SEC to obtain USD1b to finance new power facility

24 Feb 2016

(MENAFN) Saudi Electricity Company (SEC), the Riyadh-based electric utility company stated that it plans to borrow a loan of up to USD1 billion.

According to reports, the money will go directly in funding the construction of a new power plant, which falls under its major scheme of nationwide expansion.

SEC intends to grow its power generation capacity from 60 GW to 91 GW by 2020 and more than double the existing capacity over the long term to meet demand.

Moreover, SEC enjoys a monopoly on the generation, transmission and distribution of electric power in KSA through 45 power generation plants.

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