Built to inform

Sign up for the daily newsletters

No, Thank you

Saudi sovereign wealth fund forms $507m-worth ESCO

Public Investment Fund has established Super Esco, which will fund and manage the retrofit of government and public-sector buildings in the kingdom

Super Esco has been established by Saudi's Public Investment Fund [representational image].
Super Esco has been established by Saudi's Public Investment Fund [representational image].

Saudi Arabia's Public Investment Fund (PIF) announced it has established an energy services company (ESCO).

The sovereign wealth fund's firm, Super Esco, was established with capitalisation worth $507m (SAR1.9bn).

READ: Saudi's Public Investment Fund to form waste management firm

Super Esco will work with the kingdom's Ministry of Energy, Industry, and Mineral Resources; Ministry of Finance; and the Saudi Energy Efficiency Centre, to create partnerships with the private sector. 

The firm will fund and manage the retrofit of government and public-sector buildings in the kingdom. 

"These projects will help reduce government spending [in] the electricity sector, which will in turn reduce natural resource consumption while rationalising capital investments in expansion projects for the production, generation, transmission, and distribution of electricity," according to a report published by the kingdom's state news agency, SPA.

READ: ESCO regulation is buoying Dubai's energy plans

PIF will leverage the growth prospects of energy efficiency in the kingdom, a sector with projects estimated to be worth $800m (SAR3bn) annually.

According to PIF, the sector is internationally valued at $34.7bn (SAR130bn), with developments in the US, Europe, and China reportedly accounting for 90% of the global market share.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019