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MarketScreener Homepage  >  Equities  >  SAUDI ARABIA STOCK EXCHANGE  >  Saudi Electricity Company SJSC    5110   SA0007879550

SAUDI ELECTRICITY COMPANY SJSC

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Saudi Electricity SJSC : The EDF Renewables-Masdar consortium awarded the Dumat Al Jandal (400 MW) wind project in Saudi Arabia

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01/12/2019 | 04:47am EDT

The consortium consisting of EDF Renewables and Masdar (Abu Dhabi Future Energy Company PJSC), both global leaders in renewable energy, is announcing that it has won the tender for the Dumat Al Jandal wind farm.

With an installed capacity of 400-megawatt (MW), it will be Saudi Arabia’s first wind farm and the largest in the Middle East.

The future wind farm will benefit from a 20-year power purchase agreement (PPA) with the Saudi Power Procurement Company, a subsidiary of SEC (Saudi Electricity Company), the Saudi power generation and distribution company.

The Dumat Al Jandal project was awarded to the consortium by the Renewable Energy Project Development Office (REPDO) at the Saudi Ministry of Energy, Industry and Mineral Resources (MEIM) following a call for tenders launched in August 2017.

During a readout in Riyadh in July 2018, it was announced that the consortium submitted the most cost-competitive bid ($21.3 per MWh).

The wind farm will be located 560 miles from north of Riyadh in the Al Jouf region of north-western Saudi Arabia.

Both EDF Renewables and Masdar teams are already mobilized and construction works, especially with local businesses, will start in a few months.

The project is 51%-owned by EDF Renewables and 49%-owned by Masdar.

“We are delighted to be awarded this first wind project in the country, which is set to be the most powerful wind farm in the Middle East. This success reflects the quality of our partnership with Masdar which has enabled us to jointly submit the most competitive bid. Wind power is now representing a renewable and economical solution in the energy mix.

This new project demonstrates our ambitions in the country and represents another step forward under the EDF Group’s Cap 2030 strategy, which aims to double its renewable energy capacity by 2030 – both in France and worldwide – to 50 GW”, commented Bruno Bensasson, EDF Group Senior Executive President responsible for Renewable Energies, and Chairman and CEO of EDF Renewables.

“The Kingdom of Saudi Arabia has set a clear energy strategy to substantially increase the share of renewables in its total energy mix to 10% by 2023,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “The selection of Masdar and EDF to develop the Kingdom’s first utility-scale wind power plant is a significant achievement. We are proud to leverage our strong track record in renewables to support the Kingdom’s strategy to in-crease the share of clean energy in its energy mix. Masdar and EDF stand ready to devote our expertise to realising this world-class project.”

Source: Hill + Knowlton Strategies

(c) 2019. AL Publishing. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (SAR)
Sales 2019 66 519 M
EBIT 2019 8 054 M
Net income 2019 4 596 M
Debt 2019 222 B
Yield 2019 4,23%
P/E ratio 2019 14,51
P/E ratio 2020 13,58
EV / Sales 2019 4,38x
EV / Sales 2020 2,78x
Capitalization 68 999 M
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Mean consensus HOLD
Number of Analysts 4
Average target price 17,8  SAR
Spread / Average Target 7,7%
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Managers
NameTitle
Ziad bin Mohammed Al-Shiha President & Chief Executive Officer
Khaled bin Saleh Al-Sultan Chairman
Fahad bin Hussein Al-Sudairi Chief Financial Officer
Yahya Abdulrahman Executive Director-IT & Communications
Isam Alwan Al-Bayat Independent Director
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