Financing sealed for Saudi plant

The Saudi Arabian Al-Rajhi Banking and Investment Corp. has signed a deal to finance a $835m power plant project. The move paves the way for construction to start on a 1100 MW power plant in Shuaiba in the south-west of the country.

The Saudi Consolidated Electric Company West (Sceco-West) is constructing the plant, which will consist of three gas turbine units. It will supply electricity to the Grand Mosque in Mecca as well as industrial areas on Saudi Arabia`s west coast.