General Electric (NYSE: GE) has secured a potential $1 billion contract from Saudi Electricity Co. to engineer and build four gas turbines for SECâs combined cycle power plant in Saudi Arabia.
GE said Thursday it will also construct a steam turbine at its New York facility, provide turbine-related services and equip the engines with solar platforms under the contract.
GE is scheduled to complete contract work on the Waad Al ShamalÂ power plant within four years.
The 1, 390-megawatt-plant will work to supply power to at least 500, 000 households and support the operations of local phosphate miningÂ sites.
GE will build one of the gas turbines at the companyâs manufacturing facility in Dammam, Saudi Arabia, and assemble the three other gas turbines at its production plant in South Carolina.
Mohammed Mohaisen, president and CEO of GEâs gas power systems for the Middle East and North African region, said the plan to assemble a gas turbine in Dammam reflects GEâs support to Saudi Arabiaâs localization program.