Chinese state grid company signs US$1.1bn smart meter contract with Saudi Arabia
- Subsidiary of State Grid Corporation of China agrees deal with Saudi Electricity Company that will see 10 million meters installed across kingdom
- Chinese firm hails agreement as important step forward for Belt and Road Initiative
State Grid Corporation of China (SGCC) has won a US$1.1 billion contract to install smart meters in Saudi Arabia.
China Electric Power Equipment and Technology Company, a wholly owned subsidiary of the state-owned enterprise, officially signed the contract with Saudi Electricity Company on Thursday in Riyadh, SGCC said.
The project involves the installation and commissioning of 10 million smart meters for consumers across the kingdom and the company said it was another important breakthrough for China’s Belt and Road Initiative in the region.
The Chinese company will install 5 million smart meters in the western and southern areas of the kingdom and a consortium formed by Mobily and Al Fanar Construction consortium will carry out the rest of the project, the Saudi Stock Exchange said.
It will be funded through SEC’s own resources and external funds, with 3.5 million smart meters to be bought from local manufacturers.