Saudi Electricity achieves financial closure for Qassim 1 and Taiba 1 at SAR 11.4B

05/05/2024 Argaam
Logo ofSaudi Electricity Co. (SEC)

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co. (SEC) achieved financial closure for Qassim 1 and Taiba 1 independent power projects (IPPs) at a total value of SAR 11.4 billion ($3.04).

 

According to the Saudi Press Agency, the financing agreements were signed by the project companies, Sidra One Co. for the Taibah 1 station, and Qudra Co.  for the Qassim 1, where SEC’s ownership in both companies is 40%.

 

For more news and details on the projects

 

The Taibah 1 and Qassim 1 projects are two IPPs using gas turbine technology with a combined cycle power capacity of 3,600 megawatts.

 

These projects were awarded to SEC by Saudi Power Procurement Co. (SPPC) as part of an alliance with ACWA Power in October 2023.

 

In November 2023, a successful 25-year power purchase agreement was signed with SPPC for the two projects.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.