Saudi Electricity Seeks Outside Funds For 5.4GW Capacity Hike

State generator SEC, amid a record fundraising spree, is looking for private investors to fund 5.4GW of new plants, the equivalent of 10% of its current capacity.

The board of state-led utility Saudi Electricity Company (SEC) has approved a plan to offer power generation projects with a combined capacity of 5.4GW to private sector investors, the equivalent of 9.5% of its current 57GW installed capacity.

The new capacity will be developed in phases, the company told the Saudi Stock Exchange (Tadawul) on 3 October. SEC has not indicated whether the capacity increment will comprise already announced projects or plants additional to the existing 28GW Saudi powergen projects pipeline. However, two announced but so far untendered projects have a combined capacity in line with the announcement.

The proposed 1.7GW Dhuba-2 independent power producer (IPP) project and 3.78GW Taiba IPP have combined capacity of 5.48GW, which suggests that these may be the plants comprising the new capacity increase which has been approved by the SEC board. (CONTINUED - 407 WORDS)

DATA INSIDE THIS ARTICLE

table Saudi Major Power Projects Pipeline
table Saudi Year-End Generating Capacity (Gw)
table Sec Project Finance