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State firm SEC has lined up $3bn of funding from Korea as it looks to build new power plants to keep ahead of surging demand. Meanwhile SEC is looking to increase efficiency, including through gas/solar power plants.
Saudi Electricity Company (SEC) this week signed a framework agreement with The Export-Import Bank of Korea (K-Exim) which will give the state electricity firm access to a line of credit of up to $3bn. The money can be utilized over three years to fund projects with South Korean content.
“This framework agreement is in line with the company’s strategy of funding projects with matching financing solutions,” said SEC Chief Executive Ziyad al-Shiha at the contract signing ceremony. “It will support the major capital investment program we are undertaking to increase capacity, improve reliability and raise efficiency, in order to cope with the high growth in electricity demand.”
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