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FINANCIAL NEWS
Saudi Electricity, Japan’s Showa Shell launch Farasan power plant
10 Aug 2011
(MENAFN) Saudi Electricity’s Co (SEC) Independent Power Producer (IPP) projects’ chief, Amer Al Swaha, said that the utility along with Showa Shell Sekiyu KK of Japan launched a solar power plant in Farasan island in the Kingdom, reported Arabian Business.
Al Swaha added that 250 kilowatt (KW) of the 500 KW pilot plant were operational, whereas the rest would be forecasted to operate at the end of August, nevertheless, since the power load in the island was more than 25 megawatts (MW), the company would expand the plant to 7 MW.
He also said that according to the contract, the Japanese company would own the project for 15 years, then it would be transferred to the Saudi company.
It is worth noting that Saudi Aramco owns around 15 percent of Showa Shell, whereas Royal Dutch Shell owns one-third.
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