The chief executive of Saudi Electricity Co, Saleh al-Barrak, has announced plans to award contracts to build a 2,400 megawatt power plant after it obtained a SR15bn soft loan from the government, Reuters has reported. "The loan will finance expansion projects for power generation and mainly Rabigh's 2,400 megawatt power plant. Contracts for Rabigh plant will be awarded this year, within a few weeks," Barrak told the news service. The plant is expected to be completed in the summer of 2014