Hyundai Heavy Industries Signs US$ 1.6 Billion Power Plant Project in Saudi Arabia
Hyundai Heavy Industries (HHI) signed a US$ 1.6 billion contract for building an Independent Power Plant (IPP) in Saudi Arabia on June 16.
HHI as a sole EPC Contractor won the order to build a power plant for Riyadh PP11 IPP project in Saudi Arabia from Dhuruma Electricity Company, a project company established by Saudi Electricity Company (SEC) and the sponsor consortium led by France's Kahrabel GDF SUEZ Group in partnership with Aljomaih Holding Co. of Saudi Arabia and Sojitz Corporation of Japan.
The off-taker for power is Saudi Electricity Company (SEC), Saudi Arabia. The total cost of the Project is approximately US$ 2.1 billion.
The project is a part of the oil-rich nation's long-term power production capacity expansion plan. HHI will execute 1,729 MW of gas-fired combined cycle power capacity on a turnkey basis, including design, supply, construction, commissioning, testing and handing over, which will be completed by 2013.
Buoyed by high oil revenues and rapid growth of the economy and the population, it is expected that large power projects will be steadfastly developed in the Middle East, which will accelerate the presence of Hyundai Heavy Industries in the industrial plant sectors in this region, as well as in other global markets.