SEC awards $3.1bn power project
Hyundai Heavy Industries reportedly building 2,650 MW plant
Saudi Electricity Company has awarded a US $3.1 billion contract for the construction of a new oil-fired plant in southern Jeddah. According to Reuters, Hyundai Heavy Industries is set to be build the new 2,650 MW plant – named Jeddah South – whilst Mitsubishi Heavy Industries will supply equipment to the site.
The hefty output will be used for expansion projects planned for the Kingdom’s two holy mosques in Makkah and Madinah, in addition to general development projects within both cities.
The contract signing is expected to take place in the next few weeks, after which construction is scheduled to take 45 months to completion.
Saudi Electricity has said that the project is to be financed through its own resources, and from borrowing from the government and other lenders.