Daelim Industrial Co.’s chief of industrial plant operations Kim Yun (center) shakes hands with Saudi Arabia’s Deputy Minister for Electricity Saleh Alawji (right) after signing the contract in Riyadh on Saturday. (Daelim Industrial)
Daelim Industrial Co., a South Korean builder, said Sunday that it has signed a $1.22 billion deal to build a power plant in Saudi Arabia.
Under the deal with state-controlled Saudi Electricity Co., Daelim Industrial will build the combined-cycle plant by September 2014, the company said.
The power plant, with a capacity of 1,200 megawatts, will be built in Shoaiba, some 120 kilometers south of Jeddah.
Daelim will design, build and operate the plant, it added.
The SEC’s power plant project is aimed at increasing generation capacity to meet rising energy demand from the western region of Saudia Arabia.
Daelim Industrial has won overseas deals valued at 4.25 trillion won so far this year. The builder targets 6 trillion won worth of sales this year.