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.