ACWA Power, Saudi Electricity sign SAR 14.6 bln PPAs for 2 projects

14/11/2023 Argaam

ACWA Power, Saudi Electricity sign SAR 14.6 bln PPAs for 2 projects

Logos of ACWA Power and Saudi Electricity Co.

ACWA Power and Saudi Electricity Co. (SEC) signed on Nov. 13 power purchase agreements (PPAs) with Saudi Power Procurement Co. (SPPC) – Principal Buyer – for two large-scale combined cycle gas turbines (CCGT) power plants for SAR 14.6 billion ($3.9 billion).

 

The two projects – Taiba 1 and Qassim 1 – are located in Madinah and Qassim with a production capacity of 1,800 megawatt (MW) for each plant, the utility said in a statement to Tadawul.

 

The agreements include development, financing, construction, ownership and operation of the two CCGT power plants.

 

The financial impact of the operation is expected to show after the end of H1 2027, ACWA Power added, noting that there are no related parties.

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