Saudi Electricity plans SAR 500 bln investment by 2030

Saudi Electricity Co. (SEC) announced that it plans to invest around SAR 500 billion by 2030 to build electricity transmission networks and ensure connectivity between all regions of the Kingdom by deploying cutting-edge technologies.

The company made the announcement during its participation in the Saudi-Chinese Energy Forum 2023, held in Beijing from Oct. 19–20 under the supervision of the Ministry of Energy, the Saudi Press Agency (SPA) reported.

The company's participation in the forum came as it sought to benefit from China's vast experience in constructing electricity transmission networks, connecting different regions with various technologies, and creating smart grid projects and energy storage technologies.

During its participation, Saudi Electricity extended an invitation to Chinese investors to participate in electricity and renewable energy projects in the Kingdom. The company also expressed its desire to increase the involvement of Chinese contractors and investors in electricity production, transmission, and distribution projects.

A delegation from Saudi Electricity visited several Chinese companies on the sidelines of the forum. During these visits, the delegation gained valuable insights into the experiences of these companies in the fields of infrastructure development, electricity, smart grids, energy storage, electricity transmission and production projects.

Saudi Electricity reaffirmed its commitment to supporting and localizing the electricity sector, as it seeks to achieve this goal by leveraging Chinese expertise and cooperation in the fields of technology transfer, research, and development.

The company aims to localize 75% of the electrical industries in the Kingdom by 2030, which will enhance the security and localization of supply chains.