Saudi Electricity Co. (5110.SA) has signed a contract with
South
Korea
's Hyundai for a $3.2 billion
thermal power plant, the Saudi utility said Sunday.
The project will be funded with the utility's revenue and cash flows and with
bank loans, Saudi Electricity, which is three-fourths owned by the Saudi
government, said in a statement on the website of the Saudi stock exchange.
Commercial operation of the plant is expected in 2017, the utility said. News
of the deal going to Hyundai was first reported in October, out of
South
Korea
.
Saudi Electricity is investing heavily to expand its network to serve a
comparatively fast-growing, high-energy use population.
The
utility's shares closed unchanged Sunday at 13.5 riyal ($3.6).