Saudi Electricity Co. (SEC) has awarded a Smart Metering project at a cost of 9.56 billion Saudi riyals ($2.55 billion),  the company announced today.

The project will start on December 19, 2019 and entails installing and commissioning 10 million smart meters for consumers across Saudi Arabia.

A consortium of Etihad Etisalat Co. (Mobily) and Al- Fanar Construction will implement the project in central and Eastern areas, while a branch of China Electric Power Equipment and Techn. (SGCC) will implement it in Western and Southern areas.

The project will be funded through SEC’s internal resources as well as external financing, the company said in a statement to Tadawul, adding that 3.5 million meters will be purchased from local manufacturers.

The project is expected to be completed on March 30, 2023, and a positive impact is expected on the company’s results starting to 2021, according to the statement on Tadawul.

(Writing by Nada Al Rifai nada.rifai@refinitiv.com, editing by Seban Scaria.

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© ZAWYA 2019