Al-Jouf Agricultural board OKs SAR 500M power connection project

Al Jouf Agricultural Development Co. said the power connection project is expected to be completed within 18 months from its implementation date.

Al-Jouf Agricultural Development Co.’s board of directors approved, on Jan. 28, to proceed with the project to provide electricity to its facilities in Busaita Center, Al-Jouf Region, as part of the Liquid Fuel Displacement Program, with an estimated budget of SAR 500 million.

In a statement to Tadawul, the company said the project supports its objectives of reducing energy costs and enabling future business expansion by providing the required energy capacity in line with Saudi Arabia’s Vision 2030 plan to transition to clean energy.

The project is expected to be completed within 18 months from its implementation date. Any developments regarding the matter will be announced in due course.

The company said it will study the available financing options, noting that the financial impact, the executing entity, the project value, and the financing methods will be determined and announced later.

All necessary approvals from the relevant authorities will be obtained, and implementation will follow the specifications approved by the competent regulatory agencies, the statement said.

Al Jouf Agricultural confirmed that it will comply with all directives and requirements issued by supervisory authorities for the project.