Siemens Energy secures $1.6bn power project deal in Saudi Arabia [Yahoo! Finance]
SIEMENS AG SPONS ADR (SIEGY)
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Source: Yahoo! Finance
Situated in the western and central regions, the plants will contribute 3.6GW of power to the national grid, enough to supply 1.5 million homes. Harbin Electric International is acting as the engineering, procurement and construction contractor for the project, which encompasses extended maintenance agreements to uphold the plants' operational reliability up to 2049. Key components for the power plants will be produced at the Siemens Energy Dammam hub, which is currently undergoing expansion to boost local production capacity and support Saudi Arabia's energy sector. Rumah 2 and Nairyah 2 will be among the largest combined-cycle power stations worldwide, replacing old oil-powered plants and lowering CO2 emissions by as much as 60% in co
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