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Saudi Electricity Company (SEC) has signed a 20-year power purchase agreement with Riyadh-based ACWA Power and Korea’s Samsung C&T for the Rabigh-2 independent power producer (IPP) project. The plant will be developed under a build-own-operate (BOO) contract by Al Mourjan for Electricity Production Company, in which ACWA and Samsung hold a combined 50% equity and SEC holds 50%. Total project cost is estimated at $1.6bn.
The award of Rabigh-2 was delayed by Saudi Aramco’s decision to switch the fuel allocated for the project from heavy fuel oil (HFO) to gas, necessitating major changes (MEES, 14 June). SEC had agreed in March with a consortium of ACWA, Samsung and Dubai-based MENA Infrastructure Fund for the construction of a 1.81GW HFO-fired plant for start-up in 2016 under a 25-year BOO deal. (CONTINUED - 639 WORDS)
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