The new company has had approval from the Commerce Ministry and is to be incorporated by the end of the year with paid-in capital of SR 200 million ($53.3 million). Al-Zamil’s partners on the project are local businessmen and companies.
Al-Zamil is already working with the US’ CMS Energy Corporationon the kingdom’s first IPP, a stand-alone power plant under negotiation for Saudi Petrochemical Company (Sadaf). However, that project is still hanging in the balance after nearly 18 months of negotiations to sign an energy conversion agreement. Al-Zamil is now looking to expand its power operations through NPC to look at other IPPs and IWPPs in a rapidly expanding private power market.
For large projects NPC will team up with international developers, while it is expected to act alone or with other local and regional developers and contractors on smaller projects. It is expected to bid for the new Saudi Aramcopower projects that will be tendered this year (MEED 27:9:02).