GE inks $700 million Saudi power plant deal

General Electric has signed a 700 million dollar deal to supply equipment and services for a new gas power plant in Saudi Arabia, the US conglomerate said on Monday. The new power plant, named Riyadh PP11 and located 80 kilometres west of the Saudi capital, will supply 15 percent of the power generation capacity in the energy-rich kingdom's central region, GE said in a statement.
The natural gas power plant will add nearly 1,730 megawatts of power to the Saudi Electricity Company's grid. Shipment of the equipment for Riyadh PP11 will begin in 2011, and the first phase of the project, totalling 788 megawatts, is scheduled to enter commercial operation in mid 2012, the statement said.