ACWA Power Company announces the signing of Power Purchase Agreements (PPA) with the Saudi Power Procurement Company (SPPC).
| Element List | Explanation |
|---|---|
| Introduction | ACWA Power Company announces the signing of the Power Purchase Agreements “PPAs” with the Saudi Power Procurement Company – Principal Buyer (SPPC) for Two (2) large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plants, namely Rumah -1 and Al-Nairyah -1 located in the Riyadh province and Eastern province of Saudi Arabia, respectively, with a production capacity of 1,800 MW for each plant.
ACWA Power holds an effective shareholding of 35% in each project. Both the Saudi Electricity Company and KEPCO are shareholders in each of the two projects. |
| Date of Announcement of the Award | 2024-11-18 Corresponding to 1446-05-16 |
| Project Subject Matter | Power Purchase Agreements (PPA). |
| The Entity with Which the Project was Signed | Saudi Power Procurement Company – Principal Buyer |
| Date of Signing the Project | 2024-11-18 |
| Project Value | 15 Billion SAR (4 Billion USD ) in aggregate. |
| Project Details | Development, Financing, Build, Own and Operate of Two Combined Cycle Power Plants |
| Project Duration | 25 years for each Agreement |
| Financial Impact and the Relevant Period | The financial impact of the operation is expected to be reflected from the second half of 2028 onwards. |
| Related Parties | Saudi Electricity Company |
| Additional Information | - |
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