ACWA Power signs power purchase agreements for Taiba 1, Qassim 1 station projects for SAR 14.6 bln

ACWA POWER Company announced on Tuesday that it signed Power Purchase Agreements “PPAs” with the Saudi Power Procurement Company – Principal Buyer (SPPC) for 2 large-scale Combined Cycle Gas Turbines (“CCGT”) Power Plants, namely Taiba 1 and Qassim 1 located in the Madina and Qassim regions of Saudi Arabia with a production capacity of 1,800 MW for each plant.

The Company said that the Contract Value is SAR 14.6 billion (US$ 3.9 billion), for 25 years for each Agreement.

The contract aims to cover the development, financing, construction, ownership, and operation of two Combined Cycle Gas Turbine (CCGT) power plants.

The Company expects that the financial impact of the operation is expected to be reflected after H1,2027.