ACWA POWER Company announces the signing of the Power Purchase Agreements “PPAs” with the Saudi Power Procurement Company – Principal Buyer (SPPC) for 2 large-scale Combined Cycle Gas Turbines (“CCGT”) Power Plants, namely Taiba 1 and Qassim 1 located in the Madina and Qassim regions of Saudi Arabia with a production capacity of 1,800 MW for each plant.
Date of Announcement of the Award
2023-10-24 Corresponding to 1445-04-09
Contract Subject Matter
Power Purchase Agreement (PPA).
Date of Signing the Contract
2023-11-13 Corresponding to 1445-04-29
Contract Value
SAR 14.6 billion (US$ 3.9 billion) in aggregate.
Contract Details
Development, financing, construction, ownership and operation of 2 CCGT power plants
Contract Duration
25 years for each Agreement
Financial Impact and the Relevant Period
The financial impact of the operation is expected to be reflected after H1,2027.
Related Parties
NA
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