Mubasher TV
Contact Us Advertising   العربية

SEC awards Waad Al Shamal project at competitive prices

SEC awards Waad Al Shamal project at competitive prices
Photo Archive
SAUDI ELECTRICITY
5110
0.51% 15.88 0.08

Riyadh-Mubasher: Saudi Electricity Co. (SEC), one of the largest utilities in the MENA region, has awarded its Waad Al Shamal project at competitive prices which are 50% less than those of the global projects implemented by the same technology, said Saleh Al-Suhaibani, deputy CEO for engineering and projects.

Al-Suhaibani added that the winning bid is 16% less than the average top offers submitted for similar global projects and 32% less than the cost of similar projects in the Arab region and Middle East.

The financial savings and global technical standards which were agreed upon during the awarding process relied on the ‘capital efficiency’ initiative launched by the company as part of its strategic shift programme aiming to reduce the projects’ capital costs by 25% over the next five years, Al-Suhaibani said.

The project will carried out over 34 months and the first unit will be launched by December 2017, while the project will be completed in October 2018, according to the official.

In December, SEC signed a SAR 3.68 billion ($980 million) deal to build a combined cycle power plant in Waad Al Shamal.

The plant will have a total capacity 1,390 megawatt (MW), of which 50 MW will come from a solar component. The solar energy will save the equivalent of 4 million barrels of oil equivalent over the course of the project.