Saudi Electricity signs deals to buy 2 power plants worth SAR 12.8B

10:20 AM (Mecca time) Argaam
Saudi Electricity Co. headquarters

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) signed energy conversion agreements (ECAs) with Saudi Power Procurement Co. (Principal Buyer) for two combined-cycle gas turbine (CCGT) power plants with a total capacity of 3,356 megawatts (MW), valued at SAR 12.83 billion.

 

SEC said in a statement to Tadawul that the two plants—PP13 and PP14—each have a production capacity of 1,678 MW. Both are fully owned by SEC and located in Riyadh.

 

The agreements run for 21 years, with financial impact expected over the lifetime of the contracts starting in 2025.

 

SEC added that there are no related parties to the deals.

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