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Saudi Electricity Company Announces obtaining approval from Saudi Power Procurement Company to expand Rabigh power plant by an additional 1.2GW combined cycle units
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Electricity Company (SEC) announces in reference to Saudi Power Procurement Company’s (SPPC) announcement dated 24th October 2023 in the Saudi Press Agency website that stated SPPC’s approval for SEC to implement the expansion project of Rabigh combined cycle power plant by an additional 1.2GW combined cycle units. The project comes in line with SEC’s objectives of developing and growing its generation fleet capabilities addressing SPPC “the Principal Buyer” requirements. SPPC evaluates opportunities for developing and expanding existing generation projects on an ongoing basis. This is to further enhance generation capabilities, meet the electrical system demand requirement, and ensure the reliability of power supplies. SPPC, limited liability company fully owned by the Government, is the off-taker of produced power. SEC will look forward to work with SPPC, steering this project towards signing of Energy Conversion Agreements (ECAs) in relation to the project’s additional capacity. Any developments in this regard will be announced in due course. The financial impact of this development is not applicable at this stage. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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