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FINANCIAL NEWS
Saudi Electricity launches bidding for $1.8b plant
07 Nov 2010
(MENAFN) Saudi Electricity Co (SEC) said that it has set February 28 as a deadline for companies to bid for the gas-fired Al-Qurayyah power plant, Reuters reported.
Al-Qurayyah, south of the eastern city of Al-Khobar, would have a power generation capacity in the range of 1,800 to 2,100 megawatts, and is estimated to cost $1.8 billion, said Amer Al-Swaha, head of Independent Power Producer (IPP) projects.
The plant is the third of six planned IPP projects, which involve the private sector, that would add around 11,000 megawatts of capacity.
Saudi Electricity will buy all the power produced by the plant from the winning consortium, which will run it on a build-own-operate basis, the official said.
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