Saudi Electricity inks PPAs with SPPC for 2 projects

19/11/2024 Argaam
Logo ofSaudi Electricity Co. (SEC)

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co. (SEC) signed power purchase agreements (PPAs) with the Saudi Power Procurement Co. (SPPC) for two large-scale combined cycle gas turbine (CCGT) power plants, for SAR 15 billion ($4 billion).

 

In a statement to Tadawul, the company said the agreements, which are valid for 25 years each, are for Rumah -1 in Riyadh and Al-Nairyah -1 in Eastern Province. Each project has a production capacity of 1,800 MW.

 

For more news and details on the projects

 

The utility will develop, finance, build, own and operate the two CCGT plants, the statement added.

 

SEC noted that it holds a 35% stake in each project, with ACWA Power and KEPCO being shareholders in each of the two projects.

 

The financial impact of the operation is expected to reflect starting the second half of 2028.

 

According to data available on Argaam, SPPC signed on Nov. 18 agreements to purchase power from five independent solar photovoltaic and thermal projects totaling 9,200 megawatts (MW).

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