Acwa and SPPC sign agreement for Rabigh 2 expansion project

Acwa and the Saudi Power Procurement Company (SPPC) person entered into a powerfulness acquisition statement (PPA) for the enlargement of the Rabigh 2 Independent Power Plant (IPP) successful the Makkah Region of Saudi Arabia.

The statement carries a declaration worth of SR11.5bn ($3bn) and involves the improvement of a gas-fired combined rhythm powerfulness works with a planned full capableness of 2.31GW.

The task besides makes proviso for aboriginal c seizure exertion and includes the enlargement of a 380kV electrical substation to enactment the nationalist grid.

Under the presumption of the agreement, Acwa volition clasp a 40% equity stock successful the project.

The declaration covers the development, financing, construction, ownership and operational responsibilities for the caller powerfulness plant, arsenic good arsenic the applicable substation works.

This task aligns with Saudi Vision 2030 and ongoing vigor initiatives successful Saudi Arabia, which see efforts to modernise the assemblage and enactment grid reliability.

The commercialized cognition play for the works is acceptable for 31 years from the commencement of its activities.

Acwa Saudi Arabia Country wide manager Omar Al Hassan said: “The signing of this powerfulness acquisition statement marks an important milestone for Acwa and reinforces our committedness to supporting the continued improvement of the kingdom’s energy infrastructure.

“The Rabigh 2 IPP Expansion Project volition play a meaningful relation successful enhancing procreation capableness and strengthening proviso reliability, portion contributing to Saudi Arabia’s broader vigor modulation objectives.”

The fiscal implications volition beryllium disclosed aft the task reaches fiscal close.

Both entities progressive successful the PPA confirmed that the contractual statement aims to adhd important procreation capableness to Saudi Arabia’s energy proviso infrastructure.

Acwa Saudi Arabia and Middle East determination concern improvement VP Khaled Al Medbel said: “This statement reflects the continued spot and concern betwixt Acwa and the Saudi Power Procurement Company.”

"Acwa and SPPC motion statement for Rabigh 2 enlargement project" was primitively created and published by Power Technology, a GlobalData owned brand.

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