Al Yamamah Steel Industries Co. Announces the execution of the steel towers production project for Wind Power
Element List | Explanation |
---|---|
Introduction | The company announced previously that work is underway to prepare the process to execute Al Yamamah Wind Power Systems Factory |
Date of Board Resolution in Regard to the Project | 2021-02-08 Corresponding to 1442-06-26 |
Project Start Date | 2021-03-01 |
Project Cost | About 293 million SAR |
Financing method for the project | equity (25% ), local banks (25%), and industrial fund 50% |
Expected completion date of the project | End of the fourth quarter of the financial year 2022 |
Expected Impact on the Company’s Financial Results | Any developments as they become available will be disclosed inline with construction completion and signing of contracts to supply steel towers |
Expected Date on Which the Impact on the Financial Results of the Company will Start | During the third quarter of the financial year 2023 |
Expected Date for the Pilot Production of the Project to Begin | During the first quarter of the financial year 2023 |
Duration of the pilot production of the project | Three months, subject to extension |
Expected date for the commercial production of the project | During the third quarter of the financial year 2023 |
Executing Party/Counter Party in the Project/Contract | Non |
Related Parties | Non |
Additional Information | The project has been approved to contribute in the local content in the execution of the wind power projects inline with the Kingdom's clean energy transformation plan through the ambitious 2030 vision |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.