RIYADH — The Saudi Electricity Company has signed a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC) to finance the company's ongoing and future projects to promote energy transformation and environmental and social responsibility in the energy sector in Saudi Arabia.

The MoU comes in the context of the Saudi-Japan Vision 2030, which is comprehensive cooperation that heralds a new era of strategic cooperation between the two countries.

According to the MoU, the two sides aim to hold regular discussions, exchange and share information, and develop solutions that tackle the challenges that Saudi Electricity faces in the midst of efforts being made to promote energy conversion and environmental and social sustainability in the Saudi energy sector and other countries.

The CEO of the Saudi Electricity Company, Fahad Al-Sudairi, said that the signing of this memorandum comes in line with the Ministry of Energy’s aspirations aimed at sustaining the energy sector, raising its reliability and expanding its diversity, as well as being in alignment with the objectives of Vision 2030.

He added that the two sides are working on launching several initiatives to develop a smart infrastructure based on smart electricity transmission networks and automating distribution networks and smart meters, as all these initiatives will increase the reliability and efficiency of the service and contribute positively to environmental and social sustainability. — SG