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9 November 2007 - Enel has announced a series of energy projects in Saudi Arabia after signing a Saudi Arabian General Investment Authority (SAGIA).
"Enel would participate in installing digital electricity meters and developing electricity transport and distribution grids," said Enel CEO Fulvio Conti, while spelling out the details of the company's future plans.
"This accord is an important opportunity for Enel and Italy to strengthen cooperation with the Kingdom, which plays a key role in global energy sector," said Conti, adding that Enel is proud to participate in various projects in Saudi Arabia.
"The MOU offers us an opportunity to apply the most advanced innovations in the generation, transport and distribution of electricity on a large scale," Conti said.
He further said Enel would also take part in renewable energy projects, including the development of high-efficiency thermodynamic solar plants. Enel officials, however, did not say how much it plans to invest in these projects in Saudi Arabia, where it was chosen as a partner for the energy part of a program to develop six new economic cities.
The new cities will have advanced green technologies and cutting-edge networks and services.
"Enel has been chosen as a key partner in this ambitious project, thanks to its know-how and capacity for innovation in the electricity sector," said the Enel CEO, adding that Enel and SAGIA will facilitate the introduction of advanced environment-friendly technologies and launch joint R&D projects in the energy sector as part of the MOU.
Enel, Conti said, is Italy's largest power company and Europe's second-largest utility for installed capacity.
Enel produces and sells electricity and gas across Europe, North and Latin America. After the acquisition of the Spanish utility Endesa, Enel is now established in 21 countries around the world with about 100 000 MW of generating capacity and serves about 60m power and gas customers.
Referring to the future plan, Conti said that SAGIA would assist Enel in identifying and carrying out investments to support the expansion of the Italian company's presence in Saudi Arabia.
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