Riyadh - Mubasher: Saudi Electricity Company (SEC) penned a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC) on 27 October.
The PPA covers the development of the 600 megawatt (MW) Samtah solar PV power plant in southwestern Saudi Arabia, according to a bourse filing.
Valued at SAR 1.36 billion, the agreement covers the development, financing, construction, ownership, and operation of the plant.
SEC holds a 50.01% stake in the project, while EDF Power Solutions International owns the remaining consortium share.
The contract will span 25 years, starting from its commercial operation date, which is expected in the first quarter (Q1) of 2028.
The financial impact of the project is anticipated to be reflected once the plant begins commercial operations.
Earlier this month, SEC signed agreements totaling SAR 12.83 billion with the Saudi Power Procurement Company (SPPC).
