(MENAFN – Arab News) Saudi Electricity (SEC) has given approval to award SR7.64 billion ($2.03 billion) worth of contracts out of SR80 billion it plans to spend by 2012 to boost capacity, the company said on Wednesday.
It did not give details of the projects it would award in a statement on the Saudi bourse website but said its generation capacity would increase by around 13,000 megawatt. Saudi Electricity currently produces around 37,000 MW.
SEC, the Gulf’s largest utility firm by market value, said in June it would issue Islamic bonds that could be worth about SR5 billion to help it fund expansion.
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