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PRZOOM - /newswire/ -
Paris, Ile-de-France, France, 2017/01/30 - ENGIE has been awarded the contract and achieved financial closing for the greenfield Fadhili independent power project (IPP) in Saudi Arabia, the most efficient cogeneration plant in the country - ENGIE.com. FR0010 208488
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Located in the east of Saudi Arabia, 50 kilometers northwest of Jubail Industrial City, the Fadhili project is a combined cycled gas power plant with a capacity of 1,507 MW. It will produce the equivalent of the electricity consumption of 1.4 million people. It will also produce 1,447 tons per hour of steam and 768.8 tons per hour of feed water.
Saudi Electricity Company (SEC) will be the off-taker for electricity and Saudi Aramco for the steam and feed water under 20-year Purchase Agreements. ENGIE will have a 40% equity ownership in the project company, SEC will hold 30% and Saudi Aramco Power Holding Company (SAPHCO) 30%.
ENGIE will work on this project together with South Korean Doosan Heavy Industries & Construction Co. for Engineering, Procurement and Construction (EPC) and with Siemens for the gas turbines supply. The technology used will ensure that the stringent emission requirements imposed on the project (less than 9 ppm1 NOx) are respected. The scope of work will also include the construction of a 380 kV substation to be transferred to SEC in 2018 for ownership, operation and maintenance.
On the occasion of the contract signature, Isabelle Kocher, CEO of ENGIE, declared: “Being awarded the Fadhili project reaffirms ENGIE’s leading position as independent power producer in the Middle East. We are also proud of the continued trust of Saudi Electricity Company and Saudi Aramco, our long-term partners in Saudi Arabia. Over the last years, the Group has earned a reputation of being a reliable developer and operator of electricity and water facilities in the country. The Fadhili project is in line with our strategy that aims at concentrating on low CO2 activities via renewable energies and gas for power generation. It also demonstrates our commitment to meet the exacting standards of performance expected by our customers.”
The commercial operation of the Fadhili plant is scheduled at the end of 2019.
Total investment cost for the project is estimated to be US$ 1.2 billion.
ENGIE is the leading independent power and desalination water (IWPP) developer and producer in the Gulf Cooperation Council countries, with a total gross portfolio of 30 GW power and over 1,200 million gallons per day (MIGD) of desalination water production in operation (4.5 millions of cubic meters). In the Kingdom of Saudi Arabia, ENGIE is a leading industrial investor in the IWPP sector, with 6 GW of gross installed power capacity and 176 MIGD (666,000 cubic meters) of gross desalination water production.
1. ppm: parts per million
About ENGIE
ENGIE (engie.com) develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation, and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of €69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).
Investor Relations contact: T: +33(0)1 4422 6629 - E: ir[.]engie.com.
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