State generator SEC, amid a record fundraising spree, is looking for private investors to fund 5.4GW of new plants, the equivalent of 10% of its current capacity.

The board of state-led utility Saudi Electricity Company (SEC) has approved a plan to offer power generation projects with a combined capacity of 5.4GW to private sector investors, the equivalent of 9.5% of its current 57GW installed capacity.

The new capacity will be developed in phases, the company told the Saudi Stock Exchange...