SEC, Spain’s Initec in final negotiations for Duba power plant: report

Saudi Electricity Co. (SEC) is in final negotiations with Spain’s Initec Energia, which bid for the solar component of the Duba integrated solar combined-cycle (ISCC) power plant, Middle East Economic Digest (MEED) reported, citing unnamed sources. 

The plant will have a gas-fired combined cycle capacity of 485 megawatts (MW) - 550 MW and a solar output of 40-50 MW.

It’s understood that the contractor may pick up some of the initial financing costs associated with the project, the sources added.

Earlier this month, a MEED report revealed that SEC was considering dropping the solar component from the plant.

Duba, one of two major ISCC power generation projects in the kingdom, has a development cost of $660 million.