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Doosan Enerbility Secures $114 Million Order for Saudi Arabian Power Projects

The South Korean firm will supply turbines and generators for two major combined cycle power plants, boosting its presence in the Middle East's energy sector
South Korea
d 034020.KO Mid and Small Cap 2000
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Doosan Enerbility Co., a prominent South Korean power plant constructor, has announced a substantial new contract valued at 150 billion won ($114 million) to supply essential components for combined cycle power plants currently under development in Saudi Arabia. This pivotal deal involves providing two sets of 650-megawatt steam turbines and generators to SEPCO3, a Chinese firm spearheading the engineering, procurement, and construction (EPC) of the expansive Saudi Arabia Taiba & Qassim Independent Power Plant (IPP) project.

The ambitious Saudi project encompasses four power plants: Taiba-1, Taiba-2, Qassim-1, and Qassim-2, all part of the Conventional IPPs initiative, each aiming for a 1.8-gigawatt capacity and scheduled for completion by 2027. Doosan Enerbility’s contribution will be crucial for the Taiba-1 and Qassim-1 plants, under the management of a consortium that includes the Saudi Electricity Company and ACWA Power.

Strategically located, the Taiba-1 plant is to be situated approximately 200 kilometers from Jeddah, while the Qassim facility will find its place near Riyadh, enhancing the region’s power infrastructure significantly. Doosan Enerbility’s involvement in this project underscores its growing influence and operational footprint in the Middle East’s rapidly evolving power sector, anticipated to witness the construction of new power plants totaling 15GW over the next five years.

Specializing in manufacturing gas and steam turbines along with generators for gas-fired power plants, Doosan Enerbility is strategically aligning its offerings with the increasing demand for energy solutions in the region. The announcement of this lucrative supply contract has positively impacted Doosan Enerbility’s market performance, propelling its shares to a five-month peak and reflecting investor confidence in the company’s strategic direction and growth potential in the international power generation market.

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