Arabian Bemco Contracting Company (Bemco) has won a SR4.7 billion ($1.25 billion) contract from Saudi Electricity Company (SEC) to build a power plant outside the capital Riyadh, an industry source familiar with the project said.

SEC, a state-owned utility company, said on Wednesday it had signed the contract to build the PP12 plant, which has a capacity of 2,175 megawatts, without naming the contractor.

Investments in power projects from 2012 to 2021 would amount to SR452 billion to meet rapid economic growth in the world's largest oil exporter, SEC said on Wednesday in a statement carried by the official Saudi news agency, SPA.

SEC has revised upwards its estimates for the amount it will invest in power projects over the next decade to more than SR400 billion ($106.6 billion) from SR300 billion, the kingdom's deputy electricity minister said on Monday. -Reuters