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ACWA Power Company announces the signing of a Power Purchase Agreement (“PPA”) with the Saudi Power Procurement Company (“SPPC”) (“Principal Buyer”) for Rabigh 2 IPP Expansion Project
| Element List | Explanation |
|---|---|
| Introduction | Acwa announces the signing of a PPA with SPPC for a large-scale Combined Cycle Gas Turbine (“CCGT”) Power Plant, namely Rabigh 2 IPP Expansion Project. The Project is located in the Makkah province of Saudi Arabia, with a power generation capacity of 2,313.5 MW with Readiness to Build Carbon Capture Units. ACWA Power holds an effective shareholding of 40% in the Project. |
| Date of Announcement of the Award | 2026-04-16 Corresponding to 1447-10-28 |
| Contract Subject Matter | Power Purchase Agreement (“PPA”) |
| The Entity with Which the Contract was Signed | Saudi Power Procurement Company (“Principal Buyer”) |
| Date of Signing the Contract | 2026-04-16 Corresponding to 1447-10-28 |
| Contract Value | SAR 11.5 billion |
| Contract Details | 1- Development, Financing, Building, Owning and Operating a natural gas- CCGT power plant 2- Development, Financing, and Building, an extension to a 380kV electrical substation. |
| Contract Duration | 31 years from the plant’s expected project commercial operation date. |
| Financial Impact and the Relevant Period | financial impact of the operation will be announced once the Project achieves its financial close |
| Related Parties | Saudi Energy |
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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