PIF majority-owned Saudi Electricity Company (SEC) clinched a five-year loan of up to USD 1.5 bn, marking its third loan in less than six months as the state-backed utility continues to tap bank debt to fund its ongoing operations and expansion, Zawya reports.

The new term loan has a base size of USD 1 bn with a greenshoe to USD 1.5 bn and carries all-in pricing of about 100 bps. Proceeds are earmarked for general corporate needs. The Tadawul-listed utility saw its net income drop 22.7% to SAR 5.3 bn in 3Q 2025, weighed down by higher operating costs.

ICYMI- SEC has been an active borrower recently, securing a USD 2.85 bn facility in October to fund power generation and network expansion across the Kingdom, after completing a USD 1 bn five-year syndicated loan in September.

Who’s buying? Sumitomo Mitsui Banking Corp quarterbacked the transaction as lead underwriter, arranger, and bookrunner.

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