Saudi Electricity Company (SEC) has signed a financing agreement of up to $1 billion with Italy’s export credit agency, SACE, to support the development and expansion of electricity projects across Saudi Arabia.

The deal will help enhance grid reliability, expand generation capacity, and advance the Kingdom’s economic and environmental goals.

Backed by a consortium of leading international and regional banks, the financing provides SEC with long-term, SACE-supported funding for strategic power infrastructure.