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Saudi Electricity Company, ACWA Power, KEPCO Sign SAR15 Billion PPA
2025-02-12
Riyadh, SPA: The Saudi Electricity Company (SEC), ACWA Power, and South Korea’s KEPCO on Monday signed a power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC) for two independent power generation projects: Rumah 1 and Nairyah 1. Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attended the signing ceremony. With investments of around SAR15 billion (US$4 billion) and a total capacity of 3.6 gigawatts (GW), these projects constitute a pivotal step in the Kingdom's journey towards achieving a sustainable energy future. The projects utilize state-of-the-art gas turbines with a combined cycle system, enabling the replacement of oil-based electricity production processes with more sustainable options, directly contributing to reducing carbon emissions and protecting the environment. Rumah 1 and Nairyah 1 are set to enhance economic growth by providing job opportunities and bolstering local content contribution. SEC acting chief executive Eng. Khalid Salem Al-Ghamdi emphasized that the agreement reflects the company’s commitment to driving the energy sector transformation in the Kingdom in line with Vision 2030. Al-Ghamdi highlighted the ongoing support provided by Prince Abdulaziz bin Salman, empowering the company to employ cutting-edge technologies and focusing on sustainability. He stated that Rumah 1 and Nairyah 1 serve as examples of the Kingdom’s leadership in delivering cleaner and more efficient energy solutions.
