FINANCIAL NEWS

Saudi Electricity awards USD1.25b power contract

17 May 2012

(MENAFN) Saudi Electricity Co (SEC) inked a USD1.25 billion deal to set up a power plant outside the capital Riyadh, Reuters reported.

The company did not mention the contractor in the statement, however, it said that the power plant, which will be Riyadh’s 12th, will have an output capacity of of 2,175 megawatts, and is to be built in 36 months in an area 100 km (60 miles) northwest of Riyadh.

SEC is working on a USD80 billion investment plan to boost the kingdom’s electricity output by 30,000 MW by 2018, as it seeks to meet increasing domestic power demand which is growing at around 8 percent each year.

Saudi Arabia recently elevated its estimated investment in power projects to USD106.6 billion to boost capacity to at least 80,000 megawatts by 2020.

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