By: Utilities Middle east

Saudi Electricity Company (SEC) has signed a landmark financing agreement with Italy’s Export Credit Agency, SACE, valued at up to $1 billion to support the development and expansion of electricity projects across Saudi Arabia.

According to the news report by Zawya, the agreement marks a significant step in SEC’s strategy to strengthen grid reliability, expand generation capacity, and advance the Kingdom’s long-term economic and environmental objectives in line with Saudi Vision 2030.

Signed in the presence of senior representatives from both sides, the transaction reflects growing economic and financial cooperation between Saudi Arabia and Italy, particularly in the energy and infrastructure sectors.

The financing was supported by a consortium of leading international and regional financial institutions, including HSBC, KfW IPEX-Bank, Citibank, ING Bank, Intesa Sanpaolo, UBS, ICBC, Mashreq, Sabadell, Santander, BNP Paribas, BofA Securities, and BBVA. SEC said the breadth of participation highlights strong global confidence in the company’s financial position and strategic direction.

Under the framework, SEC will be able to access long-term funding backed by SACE, enabling the delivery of strategic electricity infrastructure projects while reinforcing the resilience and sustainability of the Kingdom’s power sector.

SEC said the agreement is expected to have a meaningful strategic impact by facilitating financing for critical electricity projects, strengthening Saudi–Italian cooperation, and supporting the Kingdom’s energy transition through cleaner and more sustainable power solutions.