Acwa, Saudi Energy Co. sign $3bn PPA for Rabigh 2 gas plant 

RIYADH: Saudi utility giant Acwa and Saudi Energy Co. have signed a 31-year power purchase agreement with the Saudi Power Procurement Co. for the Rabigh 2 Independent Power Producer Expansion project. In separate Tadawul filings, Acwa and Saudi Energy Co. said the agreement, valued at SR11.5 billion ($3.07 billion), includes the development, financing, construction, ownership, and operation of a large-scale combined-cycle gas turbine power plant with a generation capacity of 2,313.5 MW. Both Acwa and Saudi Energy hold a 40 percent effective shareholding each in the project.

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