SEC’s reliance on outside finance is growing: 2016 loans already exceed 2015.

Saudi power utility SEC has signed a $1.5bn five-year “direct commercial financing” agreement with the Industrial and Commercial Bank of China (ICBC) to help finance the company’s large and growing capacity expansion program.

The new loan takes to $33.2bn the funding SEC has raised since it first tapped international finance markets in 2007 to boost its capital budget. Of this $20bn, 60%...