Saudi Electricity signs $1.07bn utility contract
The contract will see SEC deliver electrical services for 29 housing projects being implemented by the Ministry of Housing
Saudi Electricity Co (SEC) has signed a $1.07bn (SAR4bn) contract tot deliver electrical services for housing projects in the Kingdom, the utility firm revealed.
The contract - signed between the firm and the Ministry of Water and Electricity - is for 29 projects being implemented by the Minitry of Housing, according to a bourse statement.
SEC will deliver electricity to the housing projects for the next three years.
According to the contract, new central substations ,expansion of stations, extension cables voltage and extension to overhead lines will be established.
The financial impact of the contract is expected to be felt in the fourt quarter of 2015.