Saudi Electricity in $204 mln power project deals
SEC plans to invest $80 billion to boost capacity to at least 70,000 megawatts by 2020.
February 14, 2011 9:21 by Reuters
State-controlled Saudi Electricity Co (SEC) signed contracts worth 766.3 million riyals ($204.3 million) with local firms to boost power installations, the state news agency SPA said on Sunday.
The five contracts cover various regions in the power-hungry desert kingdom and aim to build and expand substations as well as installing a power grid, SPA reported, citing SEC’s chief executive Ali Saleh al-Barrak.
SEC plans to invest $80 billion to boost capacity to at least 70,000 megawatts by 2020 from an installed capacity of 50,000 MW to meet domestic demand rising at 8 percent annually.
(Reporting by Reem Shamseddine; editing by Firouz Sedarat)