Energy, Oil & Gas

Saudi Electricity Company inks $4.3bn Islamic financing deal

Saudi Electricity Company (SEC) has signed a SAR16 billion ($4.27 billion) shari’ah-compliant financing facility with a group of regional banks including Saudi National Bank, Al Rajhi, Banque Saudi Fransi and Qatar International Islamic Bank, to refinance its existing debt. ...

Energy, Oil & Gas

Nesma secures power cable replacement contract from Saudi Electricity

Nesma Infrastructure & Technology said it has secured a new power cable replacement contract from Saudi Electricity Company (SEC) within the kingdom's Central Operation Area. The scope of work includes removal of existing cable and installation of advanced underground transmission systems. ...

Energy, Oil & Gas

Saudi Electricity seals ECA deal for $1.4bn Rabigh 1 power plant expansion

Saudi Electricity Company (SEC) has signed an Energy Conversion Agreement (ECA) with the Saudi Power Procurement Company (Principal Buyer) for the purchase of energy produced from the SAR5.33 billion ($1.4 billion) Rabigh 1 Expansion Power Plant. ...

Energy, Oil & Gas

Saudi Electricity issues $2.4bn sukuk; eyes London listing

Saudi Electricity Company has announced that it has successfully completed the issuance of a $2.4 billion US dollar-denominated senior unsecured sukuk, split across three tranches with maturities of three, six and 10 years. The sukuk will be listed on the London Stock Exchange’s international securities market. ...

Energy, Oil & Gas

SEC inks $1bn finance deal with Italian agency for power projects

Saudi Electricity Company said it has signed a landmark financing agreement with the Italian Export Credit Agency (SACE), with a total value of $1 billion, aimed at supporting the development and expansion of power projects across the kingdom....

Energy, Oil & Gas

SEC, GE Vernova, Bpifrance sign $3bn pact to boost energy projects

Saudi Electricity Company (SEC) has announced that it has signed a tri-party agreement with French bank Bpifrance and GE Vernova, a purpose-built energy technology company, to facilitate financing for energy sector projects worth up to $3 billion. ...

Energy, Oil & Gas

TBEA wins 380/132kV GIS substation project in Saudi Arabia

Chinese group TBEA has won the bid from Saudi Electricity Company (SEC) for the construction of a new 380/132kV substation in the kingdom's Namria region as well as expansion of two existing substations in the surrounding areas. ...

Energy, Oil & Gas

GE Vernova completes first Saudi-led gas turbine maintenance project

GE Vernova and Saudi Electricity Company (SEC) have announced the successful completion of the kingdom's first gas turbine maintenance project. The eighth power plant in Riyadh, it boasts a production capacity of over 1,700MW. ...

Energy, Oil & Gas

Saudi Electricity inks $3.4bn agreements for two CCGT power plants

Saudi Electricity Company has signed power purchase agreements worth SAR12.8 billion ($3.4 billion) for two large scale CCGT (Combined Cycle Gas Turbine) power plants in Riyadh city with a combined production capacity of 3,356 MW. ...