Abu Dhabi – Mubasher Abu Dhabi National Energy Company (TAQA) and Japan-based JERA Company announced the financial closing of Najim Cogeneration Company Limited, according to a press release.
The joint venture (JV) is a new industrial steam and electricity cogeneration plant that will produce electricity and steam for a petrochemical complex located in Jubail in the Eastern Province of Saudi Arabia.
The new cogeneration plant will supply up to 475 megawatts (MW) of power and approximately 452 tonnes per hour (TPH) of steam from advanced combined cycle gas-fired technology.
Under the 25-year agreement, Najim Cogeneration will be developed by a special purpose entity owned by TAQA (51%) and JERA (49%).
The plant’s financial closing comes after TAQA and JERA entered into a power and steam purchase agreement with Petrochemical Company (SATORP(, a JV owned by Saudi Arabian Oil Company (Aramco) and Total Refining.
Farid Al Awlaqi, CEO of TAQA’s Generation Business, said: “This is our third generation project in the Kingdom of Saudi Arabia and we will be developing an advanced cogeneration steam and power plant using the latest highly efficient J-Class gas turbine technology in partnership with JERA.”
Steven Winn, Chief Global Strategist, JERA, commented: “This project aligns perfectly with our strategy to provide efficient, sustainable, and technologically advanced energy systems, contributing to the Kingdom’s and to our customer’s vision for a sustainable and optimized energy supply.”
“This new cogeneration plant, based on advanced J-class gas turbine technology, is designed to optimize energy efficiency and reduce environmental impact, and it will play a crucial role in supporting SATORP’s Strategic Expansion operations,” Winn added.
In the January-June 2024 period, TAQA recorded net profits valued at AED 4.59 billion, compared to AED 13.66 billion in H1-23.
