Riyadh-Mubasher: Saudi Electricity Co. (SEC), the gulf's largest utility by market value, said its board of directors approved financing a portion of the capital cost of Shuqaiq steam power plant project through borrowing a maximum of SAR 3.75 billion ($1 billion) from Korean export agencies, according to the company’s filing to Tadawul.
The plant’s cost is estimated at SAR 12.3 billion ($3.26 billion).
The company earlier said the project will be competed in August 2018, noting that trial operation would start in November 2016 and the commercial run will commence in January 2017.
The project, located in Jazan province on the Red Sea coast, is a 2,640 MW oil-fired steam power plant and is an example of SEC’s initiatives to secure the Kingdom’s power potential for the future.
