Samsung bags $2.1bn contract to build thermal plant in Saudi Arabia

South Korea-based Samsung C&T has been awarded a $2.1bn contract to construct a thermal power plant in Qurayyah, Saudi Arabia.

Samsung formed a consortium with Saudi developer ACWA Power International and MENA Fund to operate the 4,000MW plant and supply electricity to Saudi Electric Company.

The consortium is expected to complete the plant by 2014, reports AFP.

Samsung said the Saudi firms would each hold a 50% stake in the consortium.