Riyadh – Mubasher: Saudi Electricity Company (SEC) has obtained on 7 July green credit facility worth $500 million under The Japan Bank for International Cooperation’s (JBIC) GREEN operations.

The 12-year funding aims to finance SEC’s transmission and distribution projects related to renewable interconnection, energy efficiency, and system reliability, according to a bourse filing on Thursday.

The Saudi listed firm said the funding entities are JBIC, MUFG Bank, Bank of Yokohama, Joyo Bank, and The Nato Bank, in addition to Nishi-Nippon City Bank, Hachijuni Bank, and The San-in Godo Bank.

It is worth noting that SEC turned to profits in the first quarter (Q1) of 2021.