Saudi Electricity Company (SEC), ACWA Power Consortium announces the signing of the Power Purchase Agreements (PPAs) with the Saudi Power Procurement Company – Principal Buyer (SPPC).
The agreements are related to two large-scale Combined Cycle Gas Turbines (CCGT) Power Plants, namely Taiba 1 and Qassim 1 located in the Madina and Qassim regions of Saudi Arabia with a production capacity of 1800 MW for each plant.
The value of contract is SAR 14.6 billion (USD 3.9 billion).
Project Scope includes Development, financing, construction, ownership and operation of 2 CCGT power plants.
The duration of each agreement is 25 years.
The Consortium earlier stated that, the development of the two referred above projects comes as part of conventional power plants plan within the target energy mix plan under the oversight of the Ministry of Energy. The plan aims to meet the electrical system requirements, ensure the reliability of energy supplies, gas units manufacturing localization, and adopting of carbon capture technologies. This in alignment with the goals of the Saudi Green Initiative to greenhouse gas neutrality by 2060 through implementing the circular carbon economy technologies.
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