Toshiba, Shaw, and Exelon, three major global engineering and energy players, signed a deal to pursue several nuclear power contracts in Saudi Arabia on Monday, the companies said.
Engineering firm Shaw Group Inc., Japan-based Toshiba Corp., and Exelon Nuclear Partners—a unit of Exelon Corporation—signed an agreement with Saudi Arabia to provide design, engineering, procurement, operation, and construction for nuclear power plants in Saudi Arabia, the companies said in a joint statement.
Exelon would provide operations and related services while Toshiba and Shaw would provide engineering and design for the Middle Eastern name, which is seeking outside help to develop its energy industry to meet burgeoning electricity demand in the oil-rich Gulf nation.
“The addition of Exelon, which operates the largest nuclear power fleet in the United States, creates a team that is unmatched in its ability to offer a portfolio of technology, construction, and operations in Saudi Arabia,” said J.M. Bernhard Jr., Shaw’s CEO, in a statement.
Saudi Arabia will invest around $80 billion to increase power generation and transmission/grid network over the next decade to meet estimated demand of 65,000 megawatts by 2018, up from 41,200 megawatts last year, the companies said.