Saudi Electricity Company (SEC) signed memorandums of understanding (MoU) with different Chinese and Japanese Firms that showed investment interest in the kingdom’s renewable energy projects, reported Reuters.
The signed deals cover financing, building and operating power projects, in addition to investments in renewable energy, within the kingdom, as well as providing energy consultancy, infrastructure surveys, and waste management. Furthermore, SEC agreed with Shanghai Electric to boost local content in Saudi power services and to invest in independent power producer projects, according to Utilities-Me.
SEC official meet with representatives of the Industrial and Commercial Bank of China, and signed agreements with Power China, Mitsubishi Corporation, Tokyo Electric Power Company (TEPCO), and JGC Corporation.
In late August, Egypt Oil&Gas reported that Saudi Arabia’s cabinet approved to delegate a number of ministers to conduct discussions with both China and Japan in regards to energy related cooperation.