ACWA Power signs PPAs for 2 gas power plants

18/11/2024 Argaam
Logo ofACWA Power Co.

Logo of ACWA Power Co.

ACWA Power Co. signed SAR 15 billion power purchase agreements (PPAs) with Saudi Power Procurement Co. (SPPC), the principal buyer, for two combined-cycle gas power plant projects.

 

In a statement to Tadawul, the company said the projects are the Al-Rumaih-1 power plant and Al-Nairyah-1 power plant, located in Riyadh and the Eastern Province of Saudi Arabia, respectively. Each plant will have a production capacity of 1,800 MW.

 

For more news and details on the projects

 

ACWA Power holds a 35% ownership stake in each project, with Saudi Electricity Co. (SEC) and KEPCO as partners in both projects.

 

The projects involve the development, financing, construction, ownership, and operation of the two plants. Each agreement spans a 25-year period.

 

The financial impact is expected to appear starting from the second half of 2028, the statement added, noting that SEC is a related party to these agreements.

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