Home / SEC signs off US$2.1 billion power project

SEC signs off US$2.1 billion power project

by Utilities ME Staff on Jun 13, 2010

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The IPP is part of the SEC's drive to meet increasing power demand.

Saudi Electricity Company is to sign a contract with GDF Suez and two other firms to build a 1,730 megawatt power plant, the state-owned provider revealed to the Tadawul on Wednesday.

The state-controlled power utility holds a 50 percent stake in the Darmaa Power Co which will operate Riyadh 11 independent power plant, while GDF Suez, Sojitz and local Jomaih Holding Group together hold the remaining half, Saudi Electricity said in a statement to the Saudi Stock Exchange.

The project will cost US$2.1 billion and is set to be operational in two years, said the statement. The contract will be signed on 15th June and will be part-financed by banks.

Riyadh-based Saudi Electricity Company will buy the electricity for the next 20 years, it said.

The partnership is among six planned IPP power plant projects in the kingdom aimed at adding 11,000 megawatts of capacity.
On Tuesday, the company’s executive director of treasury, Fahad Alsudairy, revealed that it may issue global sukuk bonds in next year after its sale of SR7 billion of Islamic notes last month.

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