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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
04/04/2025
Oman's Nama Power & Water Procurement Company has announced that it has received bids from 12 major utility project developers for two of its key projects - Misfah IPP within Muscat Governorate and D
Trade Arabia
11/03/2025
Saudi utility giant ACWA Power has inaugurated its first overseas Innovation Center in Shanghai to advance research in renewables, energy storage, and desalination, reinforcing its expansion in China
Arab News
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
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.10 | -0.02 (-0.65 |
| DEWA | 2.41 | -0.06 (-2.43 |
| SAUDIELECTRICITY | 15.70 | -0.26 (-1.63 |
| EMPOWER | 1.58 | 0.00 (0.00 |
| MARAFIQ | 46.50 | 0.60 (1.30 |
05/04/2025
Saudi exploration service provider ADES Holding Co. has entered the Brazilian market through an $85.1 million charter agreement.
The deal, which was made with Luxembourg's Constellation Oil
Arab News
04/04/2025
Oman's Nama Power & Water Procurement Company has announced that it has received bids from 12 major utility project developers for two of its key projects - Misfah IPP within Muscat Governorate and D
Trade Arabia
04/04/2025
Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil and gas company in the Middle East, together with their pa
Khaleej Times
04/04/2025
Abu Dhabi National Energy Company PJSC (Taqa), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, together with Emirates Water and Electricity Company (EWEC
Khaleej Times
03/04/2025
Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO2
Trade Arabia
Financial Information Co.
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