New contract for GDF Suez in Saudi Arabia

16/06/2010 09:14 Electricity Market

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The French energy giant announced about the signing of a new contract for the construction of a 1730 MW power plant in Saudi Arabia. The new plant would be built as an Independent Power Project (IPP), 125 km west from Saudi Arabia capital, Al Riyadh. Simultaneously, GDF signed the contract to sell the electricity produced at this plant to Saudi Electric Company (SEC). The duration of the contract is 20 years.

The cost of the project is $2.1 billion, and the first generating block is scheduled to start producing electricity by May 1, 2012, while the full operation of the plant is scheduled for March 2013. This contract will help GDF Suez increase its capacity to 4500 MW in Saudi Arabia, a country where energy demand increase by 8% each year, and were 5200 of generating capacity is scheduled to be built by 2015. GDF Suez is the largest private energy company in the Gulf area, being involved in projects with installed generating capacity of over 17,000 MW. The company is also involved in desalinization projects with a daily capacity of over 2.8 million cubic meters. At the moment, GDF Suez is building 4 other electrical and desalinization plants in Bahrain, Abu Dhabi, Qatar and Saudi Arabia. In May, the company announced the signing of another contract of $ 1.7 billion to build 2 power plants in Oman, Barka 3 and Sohar 2, with an installed capacity of 1500 MW.

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