Saudi Electric to seek private investment for 5,400MW of projects

State-controlled utility Saudi Electricity Co said on Monday that its executive committee had agreed to invite private investors to participate in creating an additional 5,400 megawatts of generating capacity.

The projects may be executed in phases, Saudi Electricity said without giving details.

Saudi Arabia’s economic reform plans, announced this year, focus on saving the government money by introducing public-private partnerships, in which private firms would provide much of the financing for projects and then operate them to earn profits.

In June, Saudi Electricity said it was inviting expressions of interest from companies or consortiums around the world in building two solar power plants at Al-Jouf and Rafha in the north of the country.