Approving 2011 budget to add 12,752 megawatts (MW) of power from 2012 to 2016
State-controlled Saudi Electricity Co. (SEC) said on Monday it approved its 2011 budget and would add 12,752 megawatts (MW) of power from 2012 to 2016 as it seeks to meet the Kingdom's rising demand.
The firm, which currently has projects to add 1,826 megawatts in 2011, would have an additional capacity of 6,510 MW starting from 2012, SEC's Chairman Saleh Al-Awaji said in an e-mailed statement.
"The company will fund these projects through loans, issuing sukuk and from its own resources, in addition to other financing means," Al-Awaji said.
Power demand in the world's largest oil exporter is rising at 8 percent annually as the country pushes on with multi-billion dollar development plans to cater for its fast-rising population of 18 million locals.
SEC plans to invest $80 billion to boost capacity to at least 70,000 megawatts by 2020 from an installed capacity of 50,000 megawatts now.
The private sector would contribute through independent power producers (IPPs), investing $24 billion of the total $80 billion, Abdullah Al-Hussayen, Saudi minister of water and power, said in October.
SEC said it expected an additional 8,587 MW to come from private investors during the 2012-2016 period.