South Korea's Hanwha Engineering & Construction Corp said on Wednesday it had won a $750 million power-generating plant order from Saudi Arabia's Marafiq, a power and water utility company.

Under the deal, Hanwha will set up two steam turbine generator plants in Yanbu, on the Red Sea coast. Each plant will have a generation capacity of 250 megawatts and will expand the current power output from the existing four plants to 1,500 megawatts from 1,000 MW, Marafiq said in a statement.

The power units will be completed in 3 years, with the first unit to start commercial operations by May 2012 and the second to be commissioned by July 2012, the statement said.

South Korea's Doosan Heavy Industries and Construction and Germany's Siemens AG have won contracts to supply the turbines and other parts needed for the expansion, Marafiq said.

The new generation plants will help meet rising power demand from industry in Yanbu, the statement said.-Reuters