Saudi Electricity Company signed a financing agreement worth five billion riyals with three local banks—Samba Bank, Al-Ahli Bank, and Banque de France—to finance its expansion projects in the electricity sector, This comes several months after the company signed a five-year direct commercial financing agreement with the Industrial and Commercial Bank of China (ICBC) worth 5.6 billion riyals—equivalent to $1.5 billion—without providing any guarantees from the company, to finance part of its capital projects.

Last May, the company had previously signed a financing agreement to cover part of the capital cost of the project to construct "Al-Shuqaiq" steam power plant, valued at $900 million, with the Export-Import Bank of Korea and several international banks, including the Bank of Tokyo-Mitsubishi and Deutsche Bank.

The Saudi Electricity Company attaches great importance to enhancing electricity services in the Kingdom, as it is the largest electricity company in the Middle East and North Africa, in order to keep pace with the rapid economic development and the developmental boom the Kingdom is witnessing, The company has been committed to carefully planning the implementation of electricity projects that contribute to meeting the comprehensive developmental, economic, and urban requirements for electrical energy across the Kingdom, ensuring the stability of the electricity system’s performance and maintaining the continuity of supply and quality of service.