International Power Expands Tihama Power Sites In Saudi Arabia

Date : 04/23/2012 @ 3:11AM
Source : Dow Jones News
Stock : Engie (ENGI)
Quote : 14.09  0.09 (0.64%) @ 10:05PM
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International Power Expands Tihama Power Sites In Saudi Arabia

Intl Power (LSE:IPR)
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Electricity generator International Power PLC (IPR.LN) said Monday that it will expand its Tihama power sites in Saudi Arabia following an award from Saudi Aramco, adding that long-term Energy Conversion Agreements through to 2026 have been signed for the expansion.


-The expansion will take place at three of the four existing sites and will generate additional capacity of 532MW, or megawatts, and 2,210GJ/h, or gigajoules per hour, of steam.

-Following the expansion, Tihama will have a total capacity of 1,595MW and 8,112GJ/h of steam.

-The ownership structure of the expansion is the same as the existing Tihama project, which is 60% owned by International Power and 40% by Saudi Oger.

-The total project cost for the expansion is estimated to be approximately $430 million which is being funded by a mix of debt and equity in an 80:20 ratio.

-Full financial close of the project is anticipated shortly; the expansion program is expected to complete by 2015.

-Shares closed Friday at 417.3 pence valuing the company at GBP21.26 billion.

-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411;

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