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Saudi Electricity Co. Announces the signing of Power Purchase Agreement “PPA” for Qurayyah IPP Expansion Project with the Saudi Power Procurement Company – Principal Buyer (“SPPC”)
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity Co. announces the signing of the Power Purchase Agreement “PPA” with the Saudi Power Procurement Company – Principal Buyer (“SPPC”) for large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plant, namely Qurayyah IPP Expansion Project. The Project is located in Eastern province of Saudi Arabia, with a production capacity of 3,010 MW with Readiness to Build Carbon Capture Units. Saudi Electricity Co holds an effective shareholding of 40% in the project. |
| Date of Announcement of the Award | 2025-02-19 Corresponding to 1446-08-20 |
| Project Subject Matter | Power Purchase Agreement (“PPA”) |
| The Entity with Which the Project was Signed | Saudi Power Procurement Company – Principal Buyer (“SPPC”) |
| Date of Signing the Project | 2025-02-19 |
| Project Value | 13.4 billion Saudi Riyal |
| Project Details | 1- Development, Financing, Build, Own and Operate of a gas Combined Cycle Power Plant. 2- Development, Financing, Build, and Transfer of 380kV electrical substation. |
| Project Duration | 25 years from the plant commercial operation date. |
| Financial Impact and the Relevant Period | The financial impact of the operation is expected to be reflected from the second quarter of 2028 onwards. |
| Related Parties | ACWA Power Company |
| Additional Information | - |
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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