The selected firms on the programme are:

HSBC– financial advisory

Fichtner– technical advisory

Clifford Chancewith The Law Firm of Yousef & Mohammed al-Jadaan – legal advisory

The IWPP programme is expected to move ahead rapidly once the three mandates have been signed. Request for proposals for the first IWPP could be issued by the end of the year.

The advisory mandates cover a total of four IWPPs to be located in Shouaiba and Shuqaiq on the Red Sea coast and Ras al-Zour and Jubail on the Gulf coast. Bidders were asked to price a base offer for only the Red Sea projects and an alternative comprising all four plants. Each of the Shouaiba, Ras al-Zour and Jubail projects will have power generation capacity of 2,000 MW, while the Shuqaiq plant will produce 700 MW of power. The three larger projects were originally planned as part of the kingdom’s gas initiative.

It is understood that the IWPPs will be tendered in two batches. In addition to the offtake company, SEC and SWCC have set up a 50:50 joint venture company to carry out the IWPPs in partnership with a developer.