Saudi Electricity Surges to 7-Month High After Solar Plant Plan
Saudi Electricity Co. (SECO) climbed to the highest level in more than seven months as the state-controlled utility agreed with Showa Shell Sekiyu K.K. to develop a 500 kilowatt solar-power plant on Saudi Arabia’s Farasan Island.
The shares increased 4.2 percent to 14.75 riyals, the highest since Oct. 18, at the 3:30 p.m. close in Riyadh.
The plant is expected to start operations in July, according to a statement on Showa Shell’s website.
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