Acwa to hold 34.9% stake in 3 battery storage projects

Acwa signed agreements to develop, build, and operate three standalone battery energy storage projects, with a 34.9% stake in each project upon financial close.

According to a statement to Tadawul, the projects—Al Kahfah, Haden, and Al-Muwayh—are located in the Hail and Makkah regions. Each project has a capacity of 500 megawatts and a storage capacity of 2,000 megawatt-hours.

The project companies are Buraiq for Energy Storage Project Co., New Moya for Energy Storage Project Co., and New Ishaa for Energy storage Co.

The final value of the projects will be determined upon financial close, following the fulfillment of the relevant conditions precedent, and will reflect the full project costs.

The agreements cover the development, financing, construction, ownership, and operation of the three battery energy storage plants for a term of 15 years from the commercial operation date of each project.

Acwa said the financial impact will be disclosed upon completion of the financial close for each project, adding that Saudi Energy Co. (SEC) is a related party to the agreements.

According to Argaam data, Saudi Power Procurement Co. (SPPC) recently announced the signing of four agreements for battery energy storage projects.

The first group of projects includes Al-Muwayh and Haden in the Makkah region and Al Kahfah in the Hail region. Each project has a capacity of 500 MW and four hours of storage, while the agreements were signed with a consortium comprising SEC, Acwa., and Al Sharif Contracting Co.