GE inks $700m in contracts for Saudi power plant

Deal to supply new power plant, set to provide 15% of electricity capacity in central region
GE inks $700m in contracts for Saudi power plant
Saudi Arabia is seeking private sector investment to help meet growing demand for power
By Joanne Bladd
Mon 04 Oct 2010 05:37 PM

General Electric on Monday said it had signed agreements valued at about $700m to supply equipment and services for a new gas-fired, power plant in Saudi Arabia.

The power plant, Riyadh PP11, will constitute fifteen percent of the electricity generation capacity in Saudi Arabia’s central region, GE said in an emailed statement.

The plant is one of six being built by the state-backed Saudi Electricity Co, which in June secured a $1.47bn loan to help finance its construction.

Saudi Arabia, the Arab world’s wealthiest economy, is seeking private sector investment to help meet growing demand for power and water.

“The Riyadh PP11 project reflects our strategy to engage the private sector in the development of new power plants," said Ali Saleh al-Barrak, president and CEO of SEC.“This key project will help us meet the need for additional power throughout the kingdom.

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