Introduction of Water and Electricity L.L.C:
Pursuant to Resolution 5/23 of Supreme Economic Council, 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).