ACWA Power, SEC sign SAR 13.4B PPA for Qurayyah station project
Saudi Electricity Co. and ACWA Power Co. signed on Feb. 19. a power purchase agreement (PPA), with Saudi Power Procurement Co. (SPPC) – the primary buyer – to purchase power for Qurayyah IPP Power Project expansion project using a combined cycle system.
In separate statements on Tadawul, the two parties stated that the project, located in Saudi Arabia's Eastern Province, has a production capacity of 3,010.3 megawatts and is prepared for the construction of a carbon capture unit.
The contract is valued at SAR 13.4 billion, with each company holding approximately a 40% stake in the project. The contract duration is 25 years, starting from the anticipated commercial operation date of the entire plant.
The contract covered the development, financing, construction, ownership, and operation of a gas-fired power plant utilizing a combined cycle system, as well as the development, financing, construction, and then transferring ownership of a 380-kilovolt transformer station.
Both parties stated that the financial impact will be determined upon the completion of the financial closing, expected in the second quarter of 2028. They also noted the presence of related parties to the agreement, represented by the two companies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
2 hours ago
- Argaam
SAR to build new station in Al Zulfi
Saudi Arabia Railways (SAR) signed an agreement with the Cooperative for Logistics Services to build and operate a passenger station in Al Zulfi, Saudi Press Agency (SPA) reported. The deal adds a new passenger stop in Al Zulfi, making it the seventh station Al-Majmaah, Qassim on the North Train network, which runs from Riyadh to Al Qurayyat via, Hail, and Al-Jouf. Transport Minister Saleh Al-Jasser said on X that the project will link Al Zulfi to the Riyadh–Al Qurayyat corridor, easing passenger and cargo movement, boosting regional connectivity, and reducing reliance on private cars. He added it will help cut road congestion, expand public transport, and support local development under the National Transport and Logistics Strategy.
ArabGT
17 hours ago
- ArabGT
G-Wagon Price In The US Exposes The Global EV Cost Divide
Electric cars aren't just about wild acceleration or futuristic gadgets anymore — these days, the real drama is in the price tag. And nothing illustrates that better than the G-Wagon price story with Mercedes' latest creation, the all-electric G580 EQ. In the US, Mercedes is offering a $9,500 discount (SAR 35,625) on lease deals for the electric G-Wagon. To put that into perspective, that discount alone is almost enough to buy a brand-new BYD Seagull in China. Imagine that — what's just a discount in America could get you a whole car elsewhere. It's the kind of contrast that makes the G-Wagon price a headline all on its own. Now, let's talk numbers. The G-Wagon price in its electric form starts at around $162,650 (SAR 609,937), making it one of the most expensive electric SUVs on the planet. For comparison, the gasoline-powered G550 is roughly $13,000 (SAR 48,750) cheaper. That difference alone is enough to make buyers pause before going electric. To ease the decision, Mercedes recently raised its leasing incentive from $7,500 to $9,500, with interest rates dipping as low as 4.3%. Still, these perks only apply to leasing — not to buying outright. And here's why: the electric G-Wagon is built outside the US, so it doesn't qualify for federal EV purchase credits. Leasing lets Mercedes pass some of those tax breaks along to customers, making the G-Wagon price a little more digestible for those who don't want to pay the full sticker price upfront. Meanwhile, things look completely different in China. Thanks to government subsidies and mass production, electric cars there are shockingly affordable. For the same value as the US discount, you could actually buy an entire entry-level EV. That's how far apart the markets are — the G-Wagon price in the US versus EV prices in China tells the story of two very different worlds. But let's be fair: the G-Wagon isn't trying to compete with budget EVs. This is a luxury icon. It keeps the same boxy silhouette enthusiasts love, but underneath lies a high-tech electric drivetrain delivering powerful yet whisper-quiet performance. Inside, the cabin is pure Mercedes — plush, digital, and packed with cutting-edge driver-assistance features. On top of that, it still has the legendary off-road capabilities that made the G-Class a star. Still, the conversation always circles back to the G-Wagon price. At well over $160,000, it's a symbol of prestige, exclusivity, and just how different the EV market looks depending on where you live.
Leaders
a day ago
- Leaders
Syrian Investment Delegation Visits Riyadh to Bolster Economic Cooperation
A Syrian investment delegation will visit Riyadh on Monday to boost economic cooperation between Saudi Arabia and Syria, in line with the directives of the Saudi Crown Prince and Prime Minister, Mohammed bin Salman. The Syrian Minister of Economy and Industry, Mohammad Nidal Al-Shaar, heads the delegation which includes representatives from the private sector of both sides, reported the Saudi Press Agency (SPA). The official visit underscores both countries' commitment to strengthening economic ties and regional integration. The visit also follows up on the outcomes of the Saudi-Syrian Investment Forum, which took place in July under the patronage of Syria's Transitional President, Ahmed Al-Sharaa, with the participation of more than 100 Saudi companies and 20 Saudi government entities. The Forum saw the signing of 47 investment agreements across key sectors, worth of SAR 24 billion ($6.4bn). The investment projects covered sectors such as real estate, infrastructure, finance, telecommunications and information technology, energy, industry, tourism, trade and investment, health, and other areas. Furthermore, the Forum witnessed the formation of the Saudi-Syrian Business Council to foster economic cooperation and promote Saudi investments in the promising Syrian market. The Syrian delegation's visit to Riyadh aligns with the Kingdom's commitment to enhance economic partnerships with brotherly nations across the region, boosting its global investment role and supporting the attainment of sustainable development goals and the objectives of Saudi Vision 2030. Short link : Post Views: 20
