TAQA to develop two new power plants in Saudi Arabia

Abu Dhabi National Energy Company (TAQA) unneurotic with JERA Co., Inc, Japan's largest powerfulness procreation institution and Al Bawani Capital, a subsidiary of AlBawani Holding, announced that they person entered into 2 25-year powerfulness acquisition agreements (PPAs) with Saudi Power Procurement Company (SPPC) connected a build, ain and run basis, to make 2 caller greenfield combined rhythm state turbine (CCGT) powerfulness projects with a full powerfulness procreation capableness of implicit 3.6 GW successful Saudi Arabia.

The PPAs travel SPPC's announcement to grant contracts for the 1.8 GW Rumah 2 and 1.8 GW Al Nairyah 2 accepted autarkic powerfulness shaper (IPP) projects to a consortium comprising TAQA, JERA and AlBawani.

The Rumah 2 IPP and Al Nairyah 2 IPP volition usage the highest ratio CCGT turbines disposable and alteration the utilisation of c seizure technologies. The projects enactment the Kingdom's vigor premix ambitions, which purpose to conscionable powerfulness request done an optimal vigor premix for energy accumulation of 50% from renewable vigor and 50% from state exertion by 2030.

The plants are besides successful alignment with the Saudi Green Initiative, which aims to execute net-zero greenhouse state emissions done the circular c system by 2060 oregon earlier, depending connected the availability of indispensable technologies.

The 2 caller plants volition beryllium developed by respective peculiar intent entities owned by TAQA (49%), JERA (31%) and AlBawani (20%), with cognition and attraction ("O&M") of the plants to beryllium undertaken by the partners done respective O&M peculiar intent entities with the aforesaid shareholding structure.

Farid Al Awlaqi, Chief Executive Officer of TAQA's Generation business, said, "TAQA has ambitious maturation targets of 150GW by 2030, and today's announcement marks a large milestone for 2024 with the summation of a further 3.6 GW of low-carbon gas-fired powerfulness capableness successful the Kingdom of Saudi Arabia, making it 5 greenfield projects successful the Kingdom nether improvement successful TAQA's portfolio.

In summation to signing the PPAs, we are taking connected the relation arsenic the pb developer and volition oversee the operations and attraction of these 2 world-class plants, demonstrating our expanded operational capabilities. Today's announcement of these 2 greenfield powerfulness projects cements TAQA's presumption arsenic a low-carbon powerfulness and h2o champion and arsenic a trusted and sustainable developer, capitalist and relation successful respective cardinal markets. Alongside our partners, JERA and AlBawani, TAQA is pleased to beryllium supporting the Kingdom and SPPC connected its vigor modulation travel with these 2 pivotal powerfulness plants."

Steven Winn, Chief Global Strategist, JERA, said, "In enactment with JERA's extremity to execute nett zero by 2050, the grant of these 2 high-efficiency autarkic powerfulness projects, featuring state-of-the-art HL people state turbines, reinforces JERA's committedness to decarbonising thermal powerfulness generation. This cardinal milestone was successfully achieved acknowledgment to the fantabulous teamwork of each stakeholders, SPPC and our partners, TAQA and AlBawani, including our contractors successful reaching this captious milestone."

Fakher AlShawaf, Group CEO of AlBawani Holding, emphasised, "The concern with TAQA and JERA connected these state-of-the-art powerfulness plants marks a transformative milestone for AlBawani, reinforcing our committedness to advancing the Kingdom's vigor diversification initiatives. This task represents our dedication to sustainable practices and our committedness to advancing the goals of Vision 2030.

Through this project, we purpose to present a highly businesslike and reliable powerfulness solution that volition play a important relation successful gathering the Kingdom's increasing request for energy, portion besides advancing section expertise and creating caller opportunities for economical growth. We look guardant to moving intimately with each stakeholders to realise this imaginativeness and bring lasting worth to Saudi Arabia's vigor landscape."

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