Korean consortium to build power plant in Rabigh
Saudi Electricity to sign deal next week, say officials
Saudi Electricity Company (SEC)will sign a deal with a Korean consortium to build a 1,200MW power plant in Rabigh, said company officials, according to the Gulf Daily News.
The consortium is led by Korea Electric Power Corporate and includes Saudi firm ACWA Power International.
SEC CEO Ali Al Barrak confirmed to the paper that the financing for the project was secure, and that the Saudi utilities giant would own 20% of the project.
The plant will be built in two phases, with 600MW coming online in 2012 and the remaining 600MW becoming available in 2013.
Issues with power outages have been prevalent in the Saudi media in recent weeks, and SEC has promised to solve industrialists’ concerns, which have been concentrated in the industrial city of Jeddah and Qassim.