Al Yamamah Steel buys SAR 17 mln solar plant in Jeddah
Al Yamamah Steel Industries Co. has completed the purchase of a solar power plant in Jeddah’s 1st Industrial City for SAR 17 million, the company said in a bourse statement.
The company signed a contract on Monday with Saudi Industrial Property Authority (Modon) to lease a 54,000 square-meter land plot for the plant.
Al Yamamah will revamp the property and complete the purchase of equipment required for the solar power plant, the statement added.
The plant’s trial run is expected to begin in the second quarter of 2019, the company also said.
In January, Al Yamamah Steel Industries Co. (Al Yamamah Steel) said it was planning to set up two steel structure manufacturing plants at an investment of SAR 260 million for the wind and solar energy industry.