State utility plans to invest $80bn by 2020 to boost capacity, $24bn to come from private sector funding
Saudi Electricity Co (SEC) said on Monday it approved its 2011 budget and would
add 12,752 megawatts (MW) of power from 2012 to 2016 as it seeks to meet the
kingdom's rising demand.
firm, which currently has projects to add 1,826 megawatts in 2011, would have
an additional capacity of 6,510 MW starting from 2012, SEC's chairman Saleh Al
Awaji said in an emailed statement.
company will fund these projects through loans, issuing sukuk and from its own
resources, in addition to other financing means," Awaji said.
demand in the world's largest oil exporter is rising at eight percent annually
as the country pushes on with multi-billion dollar development plans to cater
for its fast- rising population of 18 million locals.
plans to invest $80bn to boost capacity to at least 70,000 megawatts by 2020
from an installed capacity of 50,000 megawatts now.
private sector would contribute through independent power producers (IPPs),
investing $24bn of the total $80bn, Abdullah Al Hussayen, Saudi minister of water
and power, said in October.
said it expected an additional 8,587 MW to come from private investors during
the 2012-2016 period.