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FINANCIAL NEWS
Saudi Arabia elevates power investments to USD107b
15 May 2012
(MENAFN) Saudi deputy electricity minister Saleh al-Awaji said that the kingdom has revised the amount of cash it plans to spend on power projects to USD106.6 billion, up from USD80 billion, Reuters reported.
Last year, CEO of Saudi Electricity Co (SEC) Ali Al Barrak announced an USD80 billion 10-year investment plan to speed up delivery of its power projects to meet accelerating infrastructure demand.
The funds would be used to boost capacity to at least 80,000 megawatts by 2020 from an installed capacity of 50,000 megawatts, Awaji said.
Ayesh Al-Shemari, executive director for generation operations at SEC in the Eastern Region, expected the power load to reach 87,000 MW by 2021 against an estimated installed capacity at 100,000 MW.
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