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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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