To develop a very transparent and well defined process and project structure that yields optimized plant’s capital cost, performance and efficiency in order to procure water and electricity reliably, securely, and cost-effectively through IWPPs in the kingdom of Saudi Arabia .

To remain at the forefront as a distinct and an outstanding offtaker in attracting competitive and lowest tariff bids for both water and power through Independent Water & Power Projects (IWPPs) and maintain sustainable development in water & power sectors in the kingdom of Saudi Arabia.

Water and Electricity LLC

Pursuant to supreme economic council resolution (5/23) WEC was established as a limited liability company (LLC) in 2003. WEC’s corporate purpose is the sale and purchase of water and electricity and all required ancillary activities. WEC will be the counterparty under the PWPA and will buy the Project’s water and electricity. WEC will in turn sell this water and electricity on to SWCC and SEC respectively.

WEC was formed with an authorized share capital of SAR 30,000,000 divided into 600,000 shares of SAR 50 each. SWCC and SEC each own a 50% shareholding in WEC. The term of WEC is 50 years. WEC’s Articles of Association are based on the standard form of LLC Articles, as provided by the Ministry of Commerce and Industry (MoCI).

WEC’s current board of directors is comprised of three representatives of SWCC and three representatives of SEC as follows: