The Saudi Electricity Company (SEC) announced in a 25 August filing to the Tadawul that it has signed International Syndicated Revolving Credit Facilities worth $4bn with a number of international and regional banks. The loan duration is three years, extendable by another two, and SEC says the purpose is for general financing and general corporate purposes. SEC’s capital expenditure surged by 51.8% last year to a six-year high SAR41.6bn ($11.1bn), with the bulk of the increase focused on transmission and distribution. With SEC investing to boost Saudi Arabia’s generation capacity and prepare its grid to integrate renewables, investment will remain high and capex guidance for 2024 is SAR35-41bn ($9.3-10.9bn).