Riyadh, Saudi Arabia — ACWA Power and Saudi Electricity Co. (SEC) have inked power purchase agreements (PPAs) with Saudi Power Procurement Co. (SPPC) worth SAR 14.6 billion ($3.9 billion).
The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines (CCGT) power plants.
Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each. The details of the partnership were disclosed in an official statement provided to Tadawul by the utility company.
ACWA Power anticipates the financial impact of this collaboration to become evident post-H1 2027. Importantly, the agreements affirm the absence of any involvement from related parties, ensuring transparency and accountability in this major energy venture.
The partnership aims to bolster Saudi Arabia’s power infrastructure, marking a crucial milestone in the nation’s pursuit of energy sustainability and security.
