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 |
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