SEC seeks int’l in­vestors for 2 so­lar plants

Pakistan Observer - - ECONOMY WATCH -

JED­DAH—Saudi Elec­tric­ity Co. (SEC) is seek­ing bids from in­ter­na­tional de­vel­op­ers to build two so­lar-power plants in Al-Jouf and Rafha in the north of the coun­try. SEC said it is invit­ing ex­pres­sions of in­ter­est from com­pa­nies or con­sor­tiums around the world in build­ing the two plants. As much as 50 megawatts of ca­pac­ity will be de­vel­oped at each site on land pro­vided by SEC, and the de­vel­op­ers will sell the elec­tric­ity to SEC un­der long-term agree­ments.

The ten­der is the first by Saudi Ara­bia to seek in­ter­na­tional part­ners to co­op­er­ate in build­ing and op­er­at­ing re­new­able-en­ergy fa­cil­i­ties, ac­cord­ing to the Mid­dle East So­lar In­dus­try As­so­ci­a­tion. One Gulf power in­dus­try ex­ec­u­tive es­ti­mated that each plant might cost be­tween $100 mil­lion and $120 mil­lion to build. HSBC Holdings Plc’s Saudi unit is act­ing as fi­nan­cial con­sul­tant for the ten­der, DLA Piper is le­gal ad­viser, and DNV GL is tech­ni­cal con­sul­tant, Saudi Elec­tric­ity said. Na­tional Trans­for­ma­tion Pro­gram 2020 an­nounced last week fo­cused on in­tro­duc­ing pub­lic-pri­vate part­ner­ships in which pri­vate com­pa­nies would pro­vide much of the fi­nanc­ing for projects and then op­er­ate them to earn prof­its.—AFP

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