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SEC to Build Riyadh 11 Plant with Consortium
June 24, 2010 - The Saudi Electricity Company (SEC) recently signed a $2 billion (SR7.9 billion) contract with a consortium of three companies, GDF Suez of France, Sojitz Corp. of Japan, and Al Jomaih Holding Group, to build a natural gas-fired power plant named Riyadh 11. SEC and the three companies formed a joint venture, Durmaa Power Co., to build and operate the 1,730MW plant, of which SEC will hold a 50 percent stake while the other half of the equity will be split between the consortium partners. The first phase of the power project is expected to start operations in May 2012 and the second phase is scheduled to be completed by May 2013.
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