Saudi Electricity Company, ACWA Power, KEPCO Sign SAR15 Billion Power Purchase Agreement.

Riyadh: The Saudi Electricity Company (SEC), ACWA Power, and South Korea's KEPCO have signed a power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC) for two independent power generation projects: Rumah 1 and Nairyah 1. The signing ceremony was attended by Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz. According to Saudi Press Agency, these projects involve investments of approximately SAR15 billion (US$4 billion) and boast a total capacity of 3.6 gigawatts (GW). This agreement marks a significant milestone in Saudi Arabia's pursuit of a sustainable energy future. The initiative utilizes advanced gas turbines with a combined cycle system, transitioning from oil-based electricity production to more sustainable methods, thereby aiding in carbon emission reduction and environmental protection. The Rumah 1 and Nairyah 1 projects are expected to stimulate economic growth by creating job opportunities and enhancing local content contribution. SEC's acting chief executive, En g. Khalid Salem Al-Ghamdi, underscored the agreement as a testament to the company's commitment to transforming the energy sector in alignment with Vision 2030. Al-Ghamdi also acknowledged the continuous support from Prince Abdulaziz bin Salman, which enables the company to integrate cutting-edge technologies with a focus on sustainability. He emphasized that Rumah 1 and Nairyah 1 exemplify the Kingdom's leadership in providing cleaner and more efficient energy solutions.