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FINANCIAL NEWS
Saudi SEC to spend USD80b to raise power capacity
14 Apr 2013
(MENAFN) The Saudi Electricity Company (SEC) is set to invest USD80 billion over the coming decade to boost capacity by 76 percent to 95,000MW, reported Arabian Business citing Arab News.
The aim of the spending is to meet the country’s growing electricity demand.
According to the local daily, in 2013, SEC is projected to add 4000MW to the Kingdom’s network, and to add an extra 8000MW by 2014.
By 2032, Saudi Arabia plans to invest USD108.98 billion to produce 41 gigawatts of solar energy, which is becoming increasingly common in the Middle East since countries are trying to tackle growing populations and environmental concerns.
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