SPPC awards 7.2GW power project contracts under Saudi Vision 2030

The Saudi Power Procurement Company (SPPC) has awarded contracts for the development of 7.2GW of power projects to consortiums led by Saudi Electricity Company and Abu Dhabi National Energy Company (Taqa). 

The projects, essential to Saudi Arabia’s strategic energy mix plan, align with Vision 2030 and the Saudi Green Initiative, which targets a 50% contribution each from renewable energy and gas in domestic electricity production.

Contracts were awarded for the Rumah I and II and Al Nairyah I and II projects, each with a capacity of 1.8GW. 

A consortium of Saudi Electricity Company, Acwa Power, and Korea Electric Power Corporation (KEPCO) will lead Rumah I and Nairyah I, while Taqa, Jera, and Al Bawani will oversee Rumah II and Nairyah II. 

Each project is structured as a 25-year build, own, and operate (BOO) agreement, with total investments of approximately SR30 billion ($8 billion).

Upon completion, these projects are expected to supply electricity to around three million households annually. The initiative includes localisation of gas turbine manufacturing and readiness for carbon capture, supporting Saudi Arabia’s net-zero greenhouse gas emissions target by 2060.