Acwa Power signs $3.5bn Saudi CCGT power plant contract
RIYADH, 1 days ago
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.-TradeArabia News Service
