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25-year PPAs signed for Rumaih-2 and Nairyah-2 IPPs; projects to be CCS-ready
Abu Dhabi National Energy Company (TAQA) announced on Tuesday the signing of two 25-year power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) to develop over 3.6 gigawatts (GW) of combined cycle gas turbine (CCGT) power capacity in Saudi Arabia.
The projects, Rumaih 2 and Al Nairyah 2, each with a capacity of 1.8 gigawatts (GW) were awarded to a consortium led by TAQA, which includes Japan’s JERA and Saudi Arabia’s AlBawani Capital earlier this month
Both projects will be developed on a build, own, and operate (BOO) basis and incorporate high-efficiency CCGT turbines with carbon capture readiness, the ADX-listed TAQA said in a press statement.
The projects will be executed by special purpose vehicles jointly owned by TAQA (49 percent); JERA (31 percent) and Al Bawani Capital (20 percent). The consortium will also manage operation and maintenance (O&M) through corresponding O&M entities with the same shareholding structure.
The levelised cost of electricity bid for Rumaih-2 is 4.5613 cents/kWh and for Nairyah -2, it is 4.4960 cents/kWh.
On Monday, a consortium led by ACWA Power had signed PPAs for $4 billion Al-Rumaih-1 and Al-Nairyah-1 Independent Power Producer (IPP) projects, each with a production capacity of 1,800 MW.
In August 2024, TAQA and JERA also achieved financial close on an industrial cogeneration plant in Jubail, Eastern Province, providing electricity and steam for Saudi Aramco Total Refining and Petrochemical Company (SATORP). |
