SEC inks $1bn electricity supply deal
Saudi utility to provide power to 29 residential projects over three years.
Saudi Electricity Co (SEC) has signed a SAR 4bn ($1.07bn) contract to deliver electrical service for housing projects.
Under the deal with Ministry of Water and Electricity, SEC will supply power to 29 projects being implemented by the Ministry of Housing, the utility said in a statement.
It will deliver electricity for three years to the residential developments being built at a cost of SAR 14bn.
Revenue from the deal will start rolling in the fourth quarter of this year, SEC said.