Saudi Energy: Battery storage deals valued at SAR 3.3B

The company said in separate statements on Tadawul that it holds a 35.1% stake in each project, with the agreements running for 15 years from the commercial operation date.

The three agreements cover the Haden, Al-Kahfah and Al-Muwayh projects, respectively, and include the development, financing, construction, ownership and operation of standalone battery energy storage projects, as well as their connection to the grid substations. The Haden project also includes the development, financing and construction of a 380 KV substation and its connection to the grid, with the agreements valued at SAR 1.08 billion, SAR 1.11 billion and SAR 1.06 billion, respectively.

The financial impact of the three projects will be disclosed upon financial close, the statement noted, adding that ACWA Power is a related party to the agreements.

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

The first group of battery energy storage projects includes Al-Muwayh and Haden in the Makkah region and Al-Kahfa in the Hail region. Each project has a 500 MW capacity for four hours, and the agreements for the three projects were signed with a consortium comprising Saudi Energy Co., ACWA Power Co., and Al Sharif Contracting Co.