The Abu Dhabi National Energy Company (TAQA) has announced that it has signed contracts for new energy projects in Saudi Arabia in collaboration with JERA, Japan's largest power generation company.
Publish dateWednesday 20 November 2024 - 12:08
According to Amac News: Based on a statement from TAQA, the company, along with JERA and Al Bawani Capital, a subsidiary of Al Bawani Holding, has signed two 25-year Power Purchase Agreements (PPAs) with the Saudi Power Procurement Company (SPPC).
The agreements aim to develop two power plants in Saudi Arabia on a build, own, and operate (BOO) basis. These power purchase agreements follow SPPC’s announcement of awarding contracts for the independent power producer (IPP) projects with a capacity of 1.8 GW for Rumah 2 and 1.8 GW for Al Nairyah 2 to a consortium comprising TAQA, JERA, and Al Bawani.
The Rumah 2 and Al Nairyah 2 projects support the Kingdom’s energy mix goals, which aim to meet 50% of electricity production from renewable sources and 50% from gas technology by 2030.
These power plants are also aligned with the Saudi Green Initiative, which aims to achieve net-zero greenhouse gas emissions through a circular carbon economy by 2060 or earlier, depending on the availability of necessary technologies.
The two new plants will be developed by special purpose entities owned by TAQA (49%), JERA (31%), and Al Bawani (20%), with operation and maintenance (O&M) of the plants to be undertaken by the partners through respective O&M special purpose entities with the same shareholding structure.
The agreements aim to develop two power plants in Saudi Arabia on a build, own, and operate (BOO) basis. These power purchase agreements follow SPPC’s announcement of awarding contracts for the independent power producer (IPP) projects with a capacity of 1.8 GW for Rumah 2 and 1.8 GW for Al Nairyah 2 to a consortium comprising TAQA, JERA, and Al Bawani.
The Rumah 2 and Al Nairyah 2 projects support the Kingdom’s energy mix goals, which aim to meet 50% of electricity production from renewable sources and 50% from gas technology by 2030.
These power plants are also aligned with the Saudi Green Initiative, which aims to achieve net-zero greenhouse gas emissions through a circular carbon economy by 2060 or earlier, depending on the availability of necessary technologies.
The two new plants will be developed by special purpose entities owned by TAQA (49%), JERA (31%), and Al Bawani (20%), with operation and maintenance (O&M) of the plants to be undertaken by the partners through respective O&M special purpose entities with the same shareholding structure.
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Source : news agency wam
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