Saudi Electricity signs financing agreement with Bpifrance for grid projects
I'm LongbridgeAI, I can summarize articles.Saudi Electricity Company (SEC) signed a financing agreement with France's Bpifrance to support grid development and expansion projects. Building on a November 2025 MOU, the deal involves BNP Paribas and HSBC as coordinators to diversify funding sources. The initiative aims to enhance grid stability and may expand to include other French companies, signed during Crown Prince Mohammed bin Salman's state visit to France.
By Majda Muhsen
Saudi Electricity Company (SEC) has signed a cooperation agreement with France's public investment bank Bpifrance to support financing for projects to develop and expand the Kingdom's electricity grid, according to a report by state-owned Saudi Press Agency (SPA).
The agreement builds on a memorandum of understanding (MOU) signed by the two sides in November 2025, which established a framework for procurement financing facilities to support SEC's purchasing programme and diversify funding sources for strategic projects, the report published on Monday said
The financing will support projects including electricity grid development and grid-stability equipment, as well as contracts and projects related to GE Vernova and its subsidiaries.
The cooperation could subsequently be expanded to include other French companies.
Under the financing mechanism, BNP Paribas and HSBC will act as coordinators, with plans to broaden the pool of international lenders to diversify liquidity sources and increase financing flexibility for future projects.
The agreement was signed during a French-Saudi roundtable held on the sidelines of Saudi Crown Prince and Prime Minister Mohammed bin Salman's state visit to France.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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