Samsung C&T nabs USD1.22 billion order to construct Saudi Arabia power plant
South Korea's Samsung C&T Corporation on Monday said that it has won a KRW1.29 trillion (USD1.22 billion) order to build the Rabigh 2 power plant in Saudi Arabia, Reuters reported.
In a previous report, Saudi Gazette said that the project involves setting up the Al-Mourjan for Electricity Production company. The project is located in Rabigh on the western Saudi coast.
The project will deliver 2060 megawatts of electricity to Saudi Electricity Company (SEC) under a 20-year agreement, from the scheduled commercial operational date of June 2017, the report said.
According to Reuters, Al-Mourjan for Electricity Production company is a split venture between the SEC and a consortium that includes Samsung C&T.
Saudi Gazette on Saturday said that a consortium led by ACWA Power International has entered into a power purchase agreement with SEC to finance, build and operate the Rabigh 2 power project.
ACWA said that 74% of the SAR1.5 billion (USD1.36 billion) project would be financed through senior debt, while the rest in the form of equity bridge loans, the Saudi news daily reported.