RIYADH - Saudi Arabia's Public Investment Fund (PIF) said on Wednesday it had set up a new energy service company, Super Esco, to increase energy efficiency across government buildings.
A royal decree has been issued requiring all government entities to contract Super Esco on an exclusive basis in order to improve energy savings across public buildings and facilities, the statement said.
Projects in Saudi Arabia's energy efficiency sector have an estimated value of 42 billion riyals ($11.20 billion).
The company, which has a capitalisation of 1.9 billion Saudi riyals, will fund and manage the retrofit of government and public buildings.
($1 = 3.7502 riyals)
(Reporting by Stephen Kalin; writing by Maha El Dahan; editing by Jason Neely) ((Maha.Dahan@thomsonreuters.com; + 9712 4082101; Reuters Messaging: email@example.com))