19 Nov 2024
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity 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. Saudi Electricity Company holds an effective shareholding of 35% in each project. Both ACWA Power and KEPCO are shareholders in each of the two projects. |
| Date of Announcement of the Award | 2024-11-18 Corresponding to 1446-05-16 |
| Contract Subject Matter | Power Purchase Agreements (PPA). |
| The Entity with Which the Contract was Signed | Saudi Power Procurement Company – Principal Buyer |
| Date of Signing the Contract | 2024-11-18 Corresponding to 1446-05-16 |
| Contract Value | 15 Billion SAR (4 Billion USD) in aggregate. |
| Contract Details | Development, Financing, Build, Own and Operate of Two Combine Cycle 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 from the second half of 2028 onwards. |
| Related Parties | NAACWA Power |
