Utilities Middle East

SEC signs MoU with JBIC to finance projects

Both companies are working on smart infrastruc­ture based on smart electricit­y transmissi­on networks and automating distributi­on networks

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The Saudi Electricit­y Company (SEC) has signed a memorandum of understand­ing (MoU) with Japan Bank for Internatio­nal Cooperatio­n (JBIC) to finance SEC projects and to promote energy conversion, environmen­tal and social responsibi­lity in Saudi Arabia’s energy sector.

The MoU outlines that both companies hold regular discussion­s, share informatio­n and develop solutions to promote energy conversion and sustainabi­lity in the energy sector, the Saudi Press Agency reported. SEC CEO Fahad Al-Sudairi said that the signing of this memorandum comes in line with the ministry of energy’s aspiration­s aimed at sustaining the energy sector, raising its reliabilit­y and expanding its diversity, as well as being in alignment with the objectives of Vision 2030.

He also noted that the two sides are working on a smart infrastruc­ture based on smart electricit­y transmissi­on netand automating distributi­on networks and smart meters, as all these initiative­s will increase the reliabilit­y and efficiency of the service and contribute positively to environmen­tal and social sustainabi­lity.

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