Saudi Electricity Co. Awards $2.6 billion Smart Metering Project

Saudi Electricity Co. (SEC) has awarded a Smart Metering project at a cost of 9.56 billion Saudi riyals ($2.55 billion), the company announced on 15 December 2019. The project will start on 19 December 2019 and entails installing and commissioning 10 million smart meters for consumers across Saudi Arabia. A consortium of Etihad Etisalat Co. (Mobily) and Al- Fanar Construction will implement the project in central and Eastern areas, while a branch of China Electric Power Equipment and Techn. Square General Contracting Company (SGCC) will implement it in Western and Southern areas. The project will be funded through SEC’s internal resources as well as external financing, the company said in a statement to Tadawul, adding that 3.5 million meters will be purchased from local manufacturers. The project is expected to be completed on March 30, 2023, and a positive impact is expected on the company’s results starting to 2021, according to the statement on Tadawul.

Source : https://bit.ly/2PpOoHK