ACWA Power signs power purchase agreements for two combined cycle gas-fired power plants worth SAR 15 billion

ACWA Power announced the signing of power purchase agreements with the Saudi Power Procurement Company (the main buyer) for two combined cycle gas-fired power plants, namely the Al-Rumaah-1 and Al-Nuairyah-1 projects, located in Riyadh and the Eastern Provinces, respectively, with a production capacity of 1,800 megawatts for each plant, with a project value of SAR 15 billion ($4 billion).

The company said in a statement today on “Tadawul” that its ownership is 35% in each project. Saudi Electricity Company and KEPCO are partners in both projects.

It explained that the financial impact of the operation is expected to become clear starting from the second half of 2028.