Company plans to invest in assets worth an additional US$ 6.34bn in the Kingdom by 2025
In 2019, France-headquartered leading low-carbon energy and service solution provider, ENGIE, expanded its presence in Saudi Arabia by establishing a dedicated holding company to bring all the Group’s assets in the Kingdom under one umbrella, the company indicated via a recent press communique.
Despite delays and potential setbacks that the world experienced as a result of the pandemic, ENGIE, under the helm of its CEO, Turki Al Shehri, has managed to keep its expansion in the Kingdom on track building its asset and project value to over US$ 8bn, with plans to invest in assets worth an additional US$ 6.34bn in the Kingdom by 2025.
ENGIE is a major player in the development of Saudi Arabia’s renewable energy, co-generation, energy efficiency and other green initiatives. In the past 12 months, ENGIE secured nine new contracts for projects in facilities management, a seawater reverse osmosis plant and projects for the provision of energy services through its service providers and in partnership with Saudi actors.
In February, ENGIE was awarded the Yanbu-4 independent water producer (IWP) desalination plant by the Saudi Water Partnership Company (SWPC), projected to supply 450,000 cbm/day of desalinated seawater using clean energy. ENGIE and its partners have also been awarded three facilities management projects and five energy efficiency projects within the Kingdom.
These new projects add US$ 944mn to ENGIE’s existing portfolio of projects and assets, making ENGIE a 10% provider of electricity and an 11% provider potable water in Saudi Arabia, the press communiqué concluded.
