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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
23/04/2025
Saudi utility giant ACWA Power has secured an SR750 million ($119 million) Shariah-compliant term loan facility from Alinma Bank to fund its new headquarters in Riyadh.
The seven-year agreem
Arab News
06/04/2025
Saudi utility giant ACWA Power has commenced commercial operations at two major wind power plants in Uzbekistan.
ACWA Power holds a 65 percent stake in both projects, having sold a 35 percen
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
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.16 | -0.04 (-1.25 |
| DEWA | 2.66 | 0.01 (0.37 |
| SAUDIELECTRICITY | 15.28 | 0.14 (0.92 |
| EMPOWER | 1.62 | 0.00 (0.00 |
| MARAFIQ | 46.20 | -0.65 (-1.39 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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