Financing announced for Saudi Arabia power plant

Doosan Heavy Industries has secured US$200 million financing from The Export-Import Bank of Korea (KoreaExim Bank) for the developmet of the the Fadhili combined heat and power plant in Saudi Arabia.

In September, International Power a subsidiary of global energy supplier Engie, signed  the engineering, procurement, construction (EPC) contract for the project. International Power holds a 40 percent stake in the power plant.

Scheduled for completion by November 2019, the Fadhili combined heat and power plant is a privately financed power generation project on a BOOT (Build-Own-Operate-Transfer) basis.

The project will have an installed capacity of 1509 MW.  It will involve 400 MW of electricity and steam for the Fadhili gas plant itself, and the remaining 1,100 MW will supply electricity to 1.1 million households nationwide.

The contract will have a duration of 20 years.