Saudi Energy Co. and Acwa announces the signing of a Power Purchase Agreement (PPA) with Saudi Power Procurement Company (“Principal Buyer”) 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.
The contract value is 11.5 billion.
Project Scope of Work includes Development, Financing, Building, Owning and Operating a natural gas- CCGT power plant as well as Development, Financing, and Building, an extension to a 380kV electrical substation.
The duration of the contract is 31 years from the plant’s expected project commercial operation date.
ACWA Power holds an effective shareholding of 40% in the Project while Saudi Energy Co holds an effective shareholding of 40 % in the project.
