SEC, GE Vernova, Bpifrance sign $3bn pact to boost energy projects

08/12/2025 06:49 AST

Saudi Electricity Company (SEC) has announced that it has signed a tri-party agreement with French bank Bpifrance and GE Vernova, a purpose-built energy technology company, to facilitate financing for energy sector projects worth up to $3 billion.

The agreement aims to strengthen international cooperation, accelerate the development of innovative energy solutions, and support Saudi Arabia's ongoing transition toward sustainable and low-carbon power systems, said SEC in a statement.

As part of the collaboration, the parties will work together to finance and implement advanced technologies that enhance grid performance, efficiency, and reliability.

According to SEC, the partnership underscores its commitment to expanding strategic alliances that contribute to the Kingdom's clean energy goals and long-term energy security.

The strategic impact of the agreement focuses on three core pillars:

*Strengthening international cooperation in the energy sector,

*Developing innovative solutions and technologies, and

*Supporting the transition to sustainable energy across Saudi Arabia and the broader region.

Bpifrance and GE Vernova highlighted that the MoU will enable greater deployment of next-generation technologies and foster deeper collaboration between French, American, and Saudi stakeholders in the energy sector.

The MoU serves as a strategic foundation for long-term value creation, innovation and growth across the region, stated GE Vernova. It is expected to play a significant role in advancing energy projects that drive economic development and sustainability, it added.

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