Riyadh – Mubasher: ACWA Power Company inked power purchase agreements with the Saudi Power Procurement Company (SPPC) for two large-scale combined cycle gas turbine (CCGT) power plants.
The deals cover the development, financing, building, owning, and operation of Rumah -1 and Al Nairyah -1 in Riyadh and Eastern provinces, respectively.
The Tadawul-listed company signed the two contracts on 18 November 2024, according to a bourse disclosure.
The project, which is valued at SAR 15 billion ($4 billion), is expected to impact ACWA Power’s income results from the second half (H2) of 2028 onwards.
It is worth highlighting that the two plants hold a production capacity of 1,800 megawatts (MW), each.
ACWA Power has an effective stake of 35% in each project. Saudi Electricity Company (SEC) and KEPCO are also shareholders in each of the two projects.
In the first nine months (9M) of 2024, the net profits of ACWA Power jumped by 15.97% year-on-year (YoY) to SAR 1.25 billion from SAR 1.08 billion.
