Acwa Power, SEC ink SAR 13.4 bn agreement for Qurayyah IPP expansion: SaudiElectricity Company (SEC) and Acwa Power signed a SAR 13.4 bn power purchase agreement with the Saudi Power Procurement Company for the Qurayyah independent power project (IPP) expansion in the Eastern Province, according to two separate disclosures to Tadawul (here and here).

Project details: The project will see the development of a 3.01 GW combined-cycle gas turbine (CCGT) power plant with readiness for carbon capture and a 380 kV electrical substation. The contract will span 25 years from the plant’s commercial operation date.

Ownership breakdown: SEC and Acwa Power each hold a 40% stake in the project, while HajjAbdullah Alireza & Company (Haaisco) owns the remaining 20%, according to Meed.

BACKGROUND- The existing USD 668.3 mn Qurayyah IPP project — touted as the world’s largest combined cycle gas-fired power plant — has a net generation capacity of 3.9 GW according to an earlier statement (pdf) from Acwa Power. The project began commercial operations back in 2015.

ICYMI- Acwa Power has been active as of late: Acwa Power snapped up Kuwaiti, Bahraini assets from an Engie subsidiary for SAR 2.6 bn last week and signed a SAR 8.6 bn power purchase agreement with the Egyptian Electricity Transmission Company earlier this week to set up a 2 GW wind farm in Egypt’s South Hurghada. The homegrown renewables giant is also constructing a 1.1 GW farm in the Gulf of Suez worth USD 1.2 bn with Egypt’s Hassan Allam Utilities.

ALSO FROM ACWA POWER-

Acwa’s Shuaiba 2 solar plant to start commercial operations: An Acwa Power-led consortium has received the commercial operation certificate from the Saudi Power Procurement Company for the first, second, and third phases of its 2.1 GW Shuaiba 2 Solar PV plant in Saudi, according to a disclosure issued Thursday. The project is now fully operational.

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