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Wed 5 Oct 2016 11:19 AM

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Saudi Electricity awards $1.2bn power station contract to France's Engie

Fadhili power plant will be owned 30 percent by Saudi Electricity, 30 percent by Aramco and 40 percent by private sector partners

Saudi Electricity awards $1.2bn power station contract to France's Engie

Saudi Electricity Co said on Wednesday that in partnership with national oil giant Saudi Aramco, it had awarded a contract to French utility company Engie to build a 1,504 megawatt power plant.

The Fadhili power plant will be built at a cost of $1.2 billion and owned 30 percent by Saudi Electricity, 30 percent by Aramco and 40 percent by private sector partners, the statement said. It did not name the private partners.

The plant will be operational by December 2019 and financing will be raised through the partners and other external sources, it said without elaborating.

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