Saudi Electricity awards SAR 7.24 billion contracts to build 17 power projects

Saudi Electricity Co., which is 74 percent owned by the Saudi government, has awarded contracts worth SAR 7.24 billion to build 17 power projects, as the kingdom accelerates efforts to meet rising energy demand, the company said in a statement to the Saudi bourse, Tadawul.

The projects will be financed from the company’s own resources, interest-free loans, and commercial loans, it added. The company expected the positive financial impact of the projects to appear in the financial results of 2017.

A list of the winning bidders:

Al Fanar Construction Co won five contracts worth SAR 2.35 billion

National Contracting Co Ltd won SAR 725.4 -million contracts

Italy’s STF won a SAR 610.1- million contract

Al Fanar won a SAR 517.7- million contract

Arabian Electrical Transmission Line Construction Co LTD won a SAR 509.7- million contract

Cogelex Alstom Co. won a SAR 494 -million contract

Saudi Services for Electro-Mechanical Works Co. won a SAR 399 million contract

Al Fanar won a SAR 397.6 million contract

Siemens LTD won a SAR 317.85 million contract

Research Cottrell Dry Cooling Inc (RCDC) won a SAR 291.7 million contract