Saudi Electricity Company (SEC) has signed an agreement with the Japan Bank for International Cooperation (JBIC) on strengthening cooperation for promoting energy transition and environmental and social sustainability.
The memorandum of understanding (MoU) comes as part of Saudi-Japan Vision 2030, which is a comprehensive cooperation framework for heralding a new era of strategic partnership between the two countries in the spirit of mutual benefit and co-prosperity.
As per the MoU, both parties plan to have regular mutual discussions, share and exchange information and develop solutions to address SEC’s challenges while working on promoting energy transition and environmental and social sustainability in the power sector in Saudi Arabia and third countries.
Fahad Al Sudairi, President and Chief Executive Officer of SEC said: “Today’s MoU signing contributes to environmental and social long term sustainability in the power sector in the Kingdom, and aligns with the Ministry of Energy’s ambitious goals for creating a sustainable, reliable, and diverse power sector. It also aligns with Saudi Vision 2030 objectives to modernize and diversify the kingdom’s economy.”
“The MoU will broaden and nurture the long-standing relations between SEC and its Japanese partners. Engaging with JBIC on the energy transition process will involve financial cooperation by aligning on the required finance to facilitate access to Japanese companies’ investments, products and technologies that supports promoting energy transition and environmental and social sustainability.
“We are working on multiple initiatives to create smart infrastructure such as smart transmission network, automation of distribution network and smart meters, which all aims to raise the reliability and efficiency of the service,” he added.
The MoU is for a period of three years and is extendable on mutual agreement of both parties, an SEC statement said.
