Aqua Power Signs Power Purchase Agreements Worth 15 Billion Riyals

Aqua Power has announced the signing of power purchase agreements with the Saudi Electricity Company (the main buyer) to develop and operate two gas-fired power plants utilizing a combined cycle system. The projects include the Rimah-1 plant in the Riyadh region and the Nairyah-1 plant in the Eastern Province, with each plant boasting a production capacity of 1,800 megawatts, for a total combined output of 3,600 megawatts.

In a statement on the Saudi Tadawul website, Aqua Power clarified that it holds a 35% ownership stake in each project, while Saudi Electricity Company and KEPCO are also key partners. The overall value of the projects is estimated at 15 billion riyals.

The agreements encompass the development, financing, construction, ownership, and operation of the two plants, with each project having a contract duration of 25 years. Aqua Power anticipates that the financial impact of the projects will start to materialize in the second half of 2028, significantly contributing to the enhancement of Saudi Arabia’s energy infrastructure and addressing the growing electricity demand.

On the market front, Aqua Power's stock (TADAWUL: 2082) recorded a 0.20% decline, or 0.80 riyals per share, trading around 398.20 riyals during today’s session on the Saudi stock exchange.

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