King Salman Energy Park (Spark) has signed up a Saudi Aramco Power Company (Sapco) to manage the power infrastructure and services at the integrated global energy and industrial hub located in Dammam.
A wholly-owned subsidiary of Saudi Aramco, Sapco was established in 2016 to oversee all activities in the power and utilities sector of state oil giant’s operations.
As per the deal awarded by Spark Utilities, a subsidiary company of the energy park, Sapco will provide the operation and maintenance services for Spark and deliver power services to investors, said the company in a statement.
Spark Utilities was mainly set up for distribution of power, water and gas within the city and management of the utilities infrastructure as per international standards.
Spark President and CEO Saif S. Al Qahtani, underlining the significance of the moment, said: "In taking a step closer to the energisation of the city, we give further proof that we can satisfy our investors’ requirements and work together with them to fulfil Saudi Arabia’s 2030 Vision of enabling a thriving economy and a robust energy cluster in the kingdom."
"Our plug-and-play concept reassures investors that Spark’s ecosystem gives them all they need to do business here," he noted.
Spark’s value proposition targets investors and partners of all sizes, said the statement.
During the past two years, it has signed investment agreements with over 30 major energy and technology companies to invest in the energy park, with an additional 15 companies in the pipeline.
It is expected that foreign direct investment in the park will exceed $2.4 billion in the years ahead once investors complete construction of their facilities, it added.
Spark Utilities Company CEO Einas Al Ashgar said: "Our partnership with Sapco is a key milestone in the progress we are making to provide a sustainable platform with a world-class infrastructure and services for our investors."
"Convenient and reliable access to power is an essential factor for investors seeking to base themselves at the heart of the regional energy sector and allows them to benefit from the all-inclusive, full-service environment available at Spark," he added.
Sapco CEO Abdulaziz Al Naim lauded Spark Utilities for its expert supervision of the power infrastructure and services at the top industrial city.
"The Smart Grid System introduced as part of the Spark energy hub allows investors to confidently expect full and reliable power access right from the very first moment they start operations. The smart grid system provides increased access to real-time data on power consumption and usage and ensures business continuity and smart power usage," he added.
