Saudi Energy Co. Announces Signing the Power Purchase Agreement for Rabigh2 IPP Expansion Project with the Saudi Power Procurement Company – Principal Buyer (“SPPC”)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Energy Co. Announces the signing of the Power Purchase Agreement “PPA” with the Saudi Power Procurement Company – Principal Buyer (“SPPC”) for large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plant, namely Rabigh 2 IPP Expansion Project. The Project is located in Makkah province of Saudi Arabia, with a production capacity of 2313.5 MW with readiness to build Carbon Capture Unit. Saudi Energy Co holds an effective shareholding of 40 % in the project. |
| Date of Announcement of the Award | 2026-04-16 Corresponding to 1447-10-28 |
| Contract Subject Matter | Power Purchase Agreement (“PPA”) |
| The Entity with Which the Contract was Signed | Saudi Power Procurement Company – Principal Buyer (“SPPC”) |
| Date of Signing the Contract | 2026-04-16 Corresponding to 1447-10-28 |
| Contract Value | 11.5 billion Saudi Riyal |
| Contract Details | 1. Development, Financing, Building, Owning and Operating a natural gas- CCGT power plant 2. Development, Financing, and Building, an extension to a 380kV electrical substation. |
| Contract Duration | 31 years from the plant commercial operation date. |
| Financial Impact and the Relevant Period | The financial impact will be announced once the Project achieves the financial close. |
| Related Parties | ACWA Power |
| Additional Information | NA |
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