Saudi Electricity awards France’s Engie $1.2bn power station contract

Saudi Electricity Co said on Wednesday that in partnership with national oil giant Saudi Aramco, it had awarded a contract to French utility company Engie to build a 1,504 megawatt power plant.

The Fadhili power plant will be built at a cost of $1.2bn and owned 30 per cent by Saudi Electricity, 30 per cent by Aramco and 40 per cent by private sector partners, the statement said. It did not name the private partners.

The plant will be operational by December 2019 and financing will be raised through the partners and other external sources, it said without elaborating.