Riyadh – Mubasher: ACWA Power Company signed power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) at an aggregated value of SAR 14.60 billion ($3.90 billion).

The deals cover the operation of two large-scale Combined Cycle Gas Turbines (CCGT) power plants, namely Taiba 1 and Qassim 1 located in the Madina and Qassim regions, respectively.

The plants have a production capacity of 1,800 megawatts (MW), each, according to a bourse filing.

ACWA Power inked the contracts on 13 November 2023, with a duration period of 25 years, each.

The financial impact of the operation is expected to reflect on the listed company’s income statements after (H1) of 2027.

In the first nine months (9M) of 2023, ACWA Power posted 22.49% higher net profits after Zakat and tax at SAR 1.08 billion, versus SAR 883.42 million in 9M-22.