EDF: Saudi Arabia: EDF and GEHC sign an agreement for the creation of a Joint Venture in nuclear energy

Mon Dec 30, 2013 11:35am EST

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Saudi Arabia: EDF and GEHC sign an agreement for the creation of a Joint Venture in nuclear energy

Riyadh, December 30, 2013,

Upon the visit of the President of the French Republic François Hollande on December 30th at Riyadh, EDF has signed an agreement for the creation of a Joint Venture with GEHC (Global Energy Holding Company).

The Joint Venture will aim, as a first step, to carry out feasibility studies in the context of the Saudi nuclear programme, based on the French technology of the EPR.

In order to face growing energy demand and to reduce the share of fossil fuel within energy consumption, the Kingdom of Saudi Arabia had announced in June 2011 its willingness to build a 18GW nuclear fleet. King Abdallah City for Atomic and Renewable Energy «KA-CARE » is the department in charge of the project development.

Henri Proglio, CEO of EDF Group, said: "This agreement is an important milestone for the EDF Group in Saudi Arabia. It brings to fruition the work of our office, created in 2011 in common with AREVA, a reality. It will allow EDF and its partners to be ready and recognized for the next steps of the programme."

"With this partnership with EDF, Global confirms its philosophy to team up with industry leaders to combine their know-how with ours and jointly bring best-of-breed expertise into the Kingdom of Saudi Arabia" said Mazen Al Sawwaf, GEHC's President. "We are looking forward to supporting Saudi Arabia in its endeavors to diversify its energy mix for power production over the next decades".

About EDF and GEHC

The EDF group, one of the leaders in the European energy market, is an integrated energy company active in all areas of the business: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydropower generation facilities where 95.9% of the electricity output is CO2-free. EDF's transmission and distribution subsidiaries in France operate 1,285,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to approximately 28.6 million customers in France. The Group generated consolidated sales of €72.7 billion in 2012, of which 46.2% outside of France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index.

GEHC (Global Energy Holding Company Ltd) is a Saudi institution established in 2011 to invest in the development of energy-related businesses primarily in Saudi Arabia and potentially in the wider Middle-East and North Africa region. GEHC's approach is to establish long-term partnerships with global industry leaders in the energy space to support the development of best-in-class technologies across the country to the benefit of the country and its population.

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Source: EDF via Globenewswire