Latest news with #SPPC
Zawya
5 days ago
- Business
- Zawya
Aljomaih Energy and Water leads the financial close of the Rabigh 2 Solar Project
The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy Program (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Mr. Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: "Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis' ambitious Vision 2030, the National Renewable Energy Program and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant government entities to advance Saudi Arabia's clean energy transition. This achievement is considered a national contribution that supports the Kingdom's leadership in sustainable development." Eng. Adnan Abdulhadi Buhuligah, Deputy CEO of Aljomaih Energy and Water Company added: 'Reaching financial close on Rabigh 2 is the result of seamless collaboration with our partners, including TotalEnergies, government stakeholders, and our financing institutions. This project exemplifies Aljomaih Energy and Water Company's capability to lead and deliver complex, utility-scale renewable projects with high technological efficiency. It is a model of international partnerships driving forward the Kingdom's renewable energy future.' This project represents a new addition to Aljomaih Energy and Water Company's renewable energy portfolio, as it is located adjacent to the existing South Rabigh Project, which is currently operational and generating 300 MW. The financial close of Rabigh 2 marks a pivotal milestone in the company's journey toward renewable energy transformation. It also reflects the confidence of both local and international developers in the Kingdom's investment environment and the National Renewable Energy Program, led and supervised by the Ministry of Energy, which aims to increase the share of renewable energy sources in the energy mix to approximately 50% by 2030.
Khaleej Times
6 days ago
- Business
- Khaleej Times
Aljomaih Energy and Water leads the financial close of the Rabigh 2 Solar Project
The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy Program (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build-Own-Operate (BOO) model and will boast a generation capacity of 300MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Ibrahim Mohammed Al Abdulaziz Aljomaih, chairman of the board of directors at Aljomaih Energy and Water Company, stated: "Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis' ambitious Vision 2030, the National Renewable Energy Program (NREP) and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant government entities to advance Saudi Arabia's clean energy transition. This achievement is considered a national contribution that supports the Kingdom's leadership in sustainable development." Eng Adnan Abdulhadi Buhuligah, deputy CEO of Aljomaih Energy and Water Company added: 'Reaching financial close on Rabigh 2 is the result of seamless collaboration with our partners, including TotalEnergies, government stakeholders, and our financing institutions. This project exemplifies Aljomaih Energy and Water Company's capability to lead and deliver complex, utility-scale renewable projects with high technological efficiency. It is a model of international partnerships driving forward the Kingdom's renewable energy future.' This project represents a new addition to Aljomaih Energy and Water Company's renewable energy portfolio, as it is located adjacent to the existing South Rabigh Project, which is currently operational and generating 300MW. The financial close of Rabigh 2 marks a pivotal milestone in the company's journey toward renewable energy transformation. It also reflects the confidence of both local and international developers in the Kingdom's investment environment and the National Renewable Energy Program, led and supervised by the Ministry of Energy, which aims to increase the share of renewable energy sources in the energy mix to approximately 50 per cent by 2030.
Zawya
6 days ago
- Business
- Zawya
Aljomaih Energy announces financial close of $220mln Rabigh 2 Solar IPP
Saudi-based Aljomaih Energy and Water Company announced on Thursday that its consortium with France's TotalEnergies Renewables has achieved financial close on the 300 megawatt (MW) Rabigh 2 Solar Independent Power Plant (IPP) project. The consortium of lenders for the 825 million Saudi riyals project included Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong), Aljomaih said in a press statement. The project, which comes within Round 5 of Saudi Arabia's National Renewable Energy Programme (NREP), is backed by a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC). The IPP is located adjacent to the already operationa 200 MW South Rabigh IPP project, the statement noted. Saudi Arabia is targeting a 50 percent share of renewable energy sources in its energy mix by 2030. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
27-05-2025
- Business
- Zawya
Saudi-listed GAS bags $221mln contracts for Nairyah, Rumah IPPs
Saudi Arabia - Gas Arabian Services Company (GAS) has signed two contracts with state-run Saudi Power Procurement Company (SPPC), the principal buyer, to develop gas delivery systems for Nairyah and Rumah independent power projects (IPPs). The contract's combined value is 830.64 million Saudi riyals ($221.46 million), the company said in two separate statements to the Saudi stock exchange on Tuesday. The contracts include designing, engineering, procuring, supplying, delivering equipment and materials, constructing, installing, testing, and commissioning delivery systems for the two IPPs. The Nairyah IPP contract is valued at SAR 504.32 million, while the Rumah IPP contract is valued at SAR 326.32 million. The company explained that both contracts include the design, engineering, procurement, supply, and transportation of all equipment and materials, as well as the construction, installation, and commissioning testing of the Rumah IPP. The contract durations for both IPPs are 24 months, the statement said. The contracts are expected to positively impact GAS' financial statements from 2025 to 2027. (Editing by Anoop Menon) (
Argaam
27-05-2025
- Business
- Argaam
GAS signs SAR 830.6M contracts with SPPC
Gas Arabian Services Co. (GAS) signed two contracts, on May 25, with the Saudi Power Procurement Co. (SPPC), the principal buyer, with a total value of SAR 830.64 million, excluding value-added tax (VAT). In a statement to Tadawul, the company said the first contract entails the construction of gas pipeline networks to supply the Nairyah Independent Power Project (IPP), valued at SAR 504.32 million, excluding VAT. In a separate statement, the company noted that the second contract involves the construction of gas pipeline networks to supply the Rumah IPP, with a value of SAR 326.32 million, excluding VAT. The company explained that both contracts include the design, engineering, procurement, supply, and transportation of all equipment and materials, as well as the construction, installation, and commissioning testing of the Rumah IPP. Each contract has a duration of 24 months. GAS expects these contracts to have a positive financial impact on its financial statements for the years 2025 through 2027. According to data compiled by Argaam, GAS had recently announced the award of the two contracts with the SPPC, totaling SAR 830.64 million, excluding VAT.
