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GCC's largest utility gets US $690mn loan

SEC completes next stage in mission to add capacity to network

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SEC is adding 13,000 MW to its grid over the next three years.
SEC is adding 13,000 MW to its grid over the next three years.

Saudi Electricity Company (SEC) has signed a US $690 million loan (SAR2.6 billion) with the Public Investment Fund in order to fund capacity and infrastructure in the GCC’s largest consumer of electricity.

Bloomberg reported that the 15-year deal would be used to finance a power project in Riyadh.

A recent research note from the Kuwait Financial Centre ‘Markaz’ asset management firm stated that Saudi Arabia was responsible for around 56% of the GCC’s total electricity usage between 2002 and 2007.

As demand grows, SEC has embarked on a plan that will see it add 13,000 MW to the network over the next three years.

By 2018, the Kingdom has earmarked $70 billion to add 25,000 MW to its grid.

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