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- Acwa Power signs $3.5bn Saudi CCGT power plant contract
- Parsons snaps up $475m Saudi Arabia, UAE contracts
- Saudi Luberef records solid 2024 results; revenue hits $2.6bn
- Aljazira Capital, Target launch $266m Saudi real estate fund
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- Vodafone Qatar set to empower startups at Web Summit 2025
- QNB Group recognised for excellence in commercial credit cards growth in Qatar
- Doha Bank announced as platinum level partner of Web Summit Qatar
- GWC wins 'Logistics Project of the Year' award
- QIC Group showcases future of insurance industry at Web Summit
23/02/2025 14:05 AST
Acwa Power Company has announced the signing of a power purchase agreement worth SAR13.4 billion ($3.5 billion) with Saudi Power Procurement Company (SPPC) for large-scale combined cycle gas turbine (CCGT) power plant located in the Eastern province.
Once operational, the Qurayyah IPP Expansion project will boast a 3,010 MW capacity along with readiness to build Carbon Capture Units (CCUs), said Acwa Power in its filing to Saudi bourse Tadawul.
Acwa Power holds an effective shareholding of 40% in the project, it stated.
The scope of work involves development, finance and construction as well as ownership and operation of a natural gas-sourced CCGT power plant.
As per the deal, Acwa Power will also be responsible for setting up a 380kV electrical substation and implementing it on a develop, finance, build and transfer model, said the statement.
The agreement with the principal buyer SPPC is for a 25-year period and starts from the plant's expected project commercial operation date, it added.
In another development, Acwa Power sealed a PPA worth SAR8.6 billion ($2.3 billion) for a wind energy project in Egypt.
The 25-year PPA was inked with the Egyptian Electricity Transmission Company (EETC), Acwa Power stated in its bourse filing.
The 2GW wind power generation plant in Hurghada will be implemented on a build, own and operate (BOO) model, it added.
Trade Arabia
06/02/2025
Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom's
Arab News
06/03/2018
Saudi Arabia's ACWA Power has selected JPMorgan, Citigroup and Saudi Arabia's NCB Capital to arrange the initial public offering of its shares, which could raise up to $1 billion, sources said.
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Gulf News
07/02/2018
Saudi Arabia's sovereign wealth fund is nearing an agreement to buy about a 10 per cent stake in Acwa Power International ahead of an initial public offering by the Riyadh-based energy producer, said
Trade Arabia
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.12 | 0.00 (0.00 |
| DEWA | 2.67 | 0.05 (1.90 |
| SAUDIELECTRICITY | 17.16 | 0.10 (0.58 |
| EMPOWER | 1.75 | -0.01 (-0.57 |
| MARAFIQ | 48.90 | 0.30 (0.61 |
23/02/2025
Vodafone Qatar has announced its participation in the upcoming Web Summit 2025, one of the world's premier technology conferences. The event will be held from February 23-26, 2025, at the DECC in Doh
The Peninsula
23/02/2025
QNB Group has been presented with an award by Mastercard for having the fastest growing commercial credit card portfolio in Qatar.
This accolade highlights QNB's prominent position in the fi
The Peninsula
23/02/2025
Doha Bank proudly announces its sponsorship as a Platinum Level Partner of the highly anticipated Web Summit Qatar 2025, set to take place from 23rd to 26thFebruary at the Doha Exhibition and Convent
The Peninsula
23/02/2025
Gulf Warehousing Company (GWC) - one of the leading logistics providers in the MENA region, has been honoured with the prestigious 'Logistics Project of the Year' award for its Al Wukair Logistics Pa
The Peninsula
23/02/2025
Qatar Insurance Group (QICGroup), the leading insurer in Qatar and the MENA region, has announced its participation in Web Summit Qatar 2025, taking place from 23 to 26 February at the Doha Exhibitio
The Peninsula
Financial Information Co.
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