Saudi Electricity Co (SEC) signed a 3.677 billion riyal ($979.91 million) deal to build a combined cycle power plant in Waad Al Shamal, it announced in a statement on state news agency SPA on Wednesday.
The plant will have a total capacity 1390 megawatt (MW), of which 50 MW will come from a solar component, the statement said. The solar energy will save the equivalent of 4 million barrels of fuel over the course of the project.
Including the cost of connecting the plant to the electricity grid, the project's total costs are expected to reach 4.67 billion riyals.
Waad Al Shamal is in the north of the kingdom.For all the latest banking and finance 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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