• Saudi Arabian/South Korean agreement covers development of renewable energy
  • Kepco is building the Baraka Nuclear Power Plant in Abu Dhabi
  • South Korean export bank will provide $3bn of financial guarantees

The Saudi Electricity Company (SEC) signed a memorandum of understanding (MoU) with South Korea’s Korea Electric Power Corporation (Kepco) to study nuclear and renewable energy, on 3 March 2015.

The MoU covers research and development, training, transmission and the development of projects over three years.

Kepco is leading the consortium building Abu Dhabi’s Baraka Nuclear Power Plant.

The SEC signed 3 other MoUs on 3 March.

It agreed with Korea EximBank, South Korea’s export credit agency, to develop a framework agreement for financing guarantees of up to $3bn, over the next three years.

The SEC agreed with South Korea’s Doosan Heavy Industries & Construction to study cooperation in developing power plants and renewable energy, over the next two years.

It signed an MoU with US firm GE to study the possibility of establishing holding companies for the operation and maintenance of power plants, over three years.

The SEC also announced the completion electricity projects Sharurah, in the South of Saudi Arabia. The largest was a 300km 380kV connection to the national grid through the city of Najran, costing SR1.36bn ($362.7m). The expansion of Sharurah gas power plant by 120MW, costing SR399m, and associated high-voltage transmission lines, substations, transformers, costing SR145m have also been completed.

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