Latest news with #SaudiElectricityCo.
Yahoo
24-03-2025
- Business
- Yahoo
Egypt's Orascom Joins Spanish Group to Build 3-GW Gas-Fired Plant in Saudi Arabia
An Egypt-based construction group is partnering with a Spanish energy infrastructure company to build a 3-GW combined-cycle natural gas-fired power plant in Saudi Arabia. Orascom Construction, headquartered in Cairo, on March 24 said its 50-50 joint venture with Spain's Técnicas Reunidas was awarded a $2.6-billion contract to build the Qurayyah IPP Expansion Project power station in the Eastern Province of Saudi Arabia. The engineering, procurement, and construction contract was signed with Hajr Two Electricity Co., a consortium that includes ACWA Power, Saudi Electricity Co., and Haji Abdullah Alireza & Co. Ltd. The power plant will have technology for carbon capture. The project also includes construction of a 380-kW substation. Saudi Electricity Co. in February said it had signed a power purchase agreement with the Saudi Power Procurement Co. for the energy from the expansion project. The new facility provides more electricity in a region that includes the original Qurayyah IPP power station, a nearly 4-GW gas-fired plant that has operated since 2015. Osama Bishai, CEO of Orascom Construction, said, "We continue to deliver on our geographic diversification strategy with a particular focus on key sectors such as power and water. This project exemplifies the type of opportunities that we actively pursue where we can leverage our expertise to deliver high-quality projects and maximum value. It also builds on our success in the power sector most recently in Egypt, and we look forward to making a similar significant impact in Saudi Arabia. We are also pleased to partner with Técnicas Reunidas on this large-scale project and to extend our partnership in Saudi Arabia and the region." Qurayyah is among several projects being designed to increase Saudi Arabia's power generation from natural gas, as state-owned oil and gas company Aramco ramps up production. Those projects are being supported by international energy groups and engineering firms. Siemens Energy earlier in March was awarded a $1.6-billion project that has Harbin Electric International as the EPC contractor. That deal includes supplying technologies for the Rumah 2 and Nairyah 2 gas-fired power plants in Saudi Arabia. Those stations are located in the western and central regions of the country. Rumah 2 and Nairyah 2 will 3.6 GW of power generation capacity to the Saudi grid. The two plants initially will operate in simple-cycle mode, then transition to full operation as combined-cycle power plants by 2028. Orascom Construction PLC is a leading global engineering and construction contractor with a footprint covering the Middle East, Africa and the U.S., and operations encompassing the infrastructure, industrial, and commercial sectors. Orascom has projects either online or under construction in the Middle East and Africa with total generation capacity of more than 30 GW. That includes two 4.8-GW combined-cycle gas-fired facilities in Egypt. —Darrell Proctor is a senior editor for POWER.
Arab News
20-02-2025
- Business
- Arab News
Qurayyah power plant to expand by 3.01 GW thanks to $3.6bn investment
JEDDAH: Saudi Arabia is boosting its energy security with an SR13.4 billion ($3.57 billion) investment to expand the Qurayyah power plant, adding 3.01 gigawatts to meet growing demand and support economic growth. Saudi Electricity Co. and ACWA Power have signed a power purchase agreement with Saudi Power Procurement Co., the Kingdom's sole licensed electricity buyer, to expand Qurayyah Independent Power Plant. This facility is the largest combined-cycle gas-fired independent energy station in the world. The initiative supports the Kingdom's Vision 2030 by improving electricity generation efficiency, reducing costs, and diversifying energy sources to replace liquid fuels in the power sector. It aims to enhance reliability and sustainability through advanced combined-cycle gas turbine technology while reducing carbon emissions and promoting environmental conservation. The project, overseen by the Ministry of Energy, aims to increase Saudi Arabia's electricity capacity and efficiency by adding combined-cycle power plant units designed for future carbon capture. According to the principal buyer, the deal was signed with a consortium led by ACWA Power, SEC, and Hajji Abdullah Alireza & Co. Ltd., with SEC and ACWA Power each holding a 40 percent stake. As one of the Kingdom's largest power generation projects, it includes the financing, construction, ownership, and operation of a combined-cycle gas power plant, along with the development and transfer of a 380-kilovolt electrical substation, according to the Saudi Press Agency. SEC is the largest electricity producer, transmitter, and distributor in the Middle East and North Africa, serving over 11 million customers. ACWA Power — the world's largest private desalination company — announced that on Feb. 19 it received a notice from the Al-Shuaiba 2 Solar PV Independent Power Plant project company, confirming that it has been granted the commercial operation certificate by the SPPC for the first, second and third groups, with a total capacity of 2,060 MW. In a statement on Tadawul, the firm added that the initiative is now fully operational, noting that it owns a net stake of 35.01 percent share in the project company. The body expects the financial impact to be reflected in the current year's second quarter.
Argaam
20-02-2025
- Business
- Argaam
ACWA Power, SEC sign SAR 13.4B PPA for Qurayyah station project
Qurayyah IPP Power 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.
