Arabian Bemco Contracting Company (Bemco) has won a $1.25bn (SAR4.7bn) contract from Saudi Electricity Company (SEC) to build a power plant outside the capital Riyadh, Reuters News Agency reported.
SEC, a state-owned utility company, said it had signed the contract to build the PP12 plant, which has a capacity of 2,175 megawatts, without naming the contractor.
An industry source familiar with the project then revealed the contractor to be Bemco.
In a statement carried by the official Saudi news agency on Wednesday, SPA, SEC said investments in power projects from 2012 to 2021 would amount to $120.5bn (SAR 452bn) to meet rapid economic growth in the kingdom, which is the world’s largest oil exporter.
SEC has revised upwards its estimates for the amount it will invest in power projects over the next decade to more than $106.7bn (SR 400bn) from $80bn (SAR 300bn).
