Saudi Electricity to build $1.23B Shoaiba plant

Saudi Electricity to build $1.23B Shoaiba plant

State-controlled Saudi Electricity said on Saturday it signed a deal to build a new 4.6 billion Saudi-riyal ($1.23 billion) power plant in Shoaiba, some 120 km (75 miles) south of the Red Sea city of Jeddah.

October 30, 2011 3:07 by Reuters

The statement did not say which company has been awarded the contract to build the project — called Shoaiba II — but industry sources said South Korea’s Daelim Industrial has won the deal.
The combined-cycle plant will have a power capacity of 1,238 megawatt (MW), SEC said in a statement.

Saudi Electricity has an $80-billion investment plan to increase its power generation capacity by 30,000 MW by 2018 to meet power demand which is growing at around 8 percent annually.

The plant, which will be in operation in almost 3 years, will help SEC meet rising power demand from the western region, SEC added. (Reporting by Reem Shamseddine; editing by Sami Aboudi; editing by Ron Askew)