Saudi Electricity Co. (SECO), the state-owned utility, received a 49.4 billion-riyal interest-free loan ($13.17 billion) from the government today, according to a statement to the Saudi stock exchange that cites a royal decree.
The company will sign the loan agreement with the Finance Ministry to fund electricity projects, according to the statement.
Saudi Electricity’s Chief Executive Officer Ziad al-Shiha said in February the company plans to spend 30 billion riyals to increase electricity production capacity with new projects this year.
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