Saudi Power Procurement Company Signs Power Purchase Agreement for QIPP Expansion

The Saudi Power Procurement Company (Principal Buyer) has signed a Power Purchase Agreement (PPA) for the expansion of the Qurayyah Independent Power Plant (QIPP) by adding combined cycle power plants units with a total capacity of 3,010 MW with readiness to build carbon capture units. This initiative, overseen by the Ministry of Energy, aims to bolster electricity production capacity and enhance operational efficiency within Saudi Arabia.

 The PPA was signed with a consortium comprised of ACWA Power (managing member), the Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co. Ltd. The QIPP expansion represents a total investment of approximately SAR13.35 billion.

 This project extends the energy ecosystem’s efforts to realize Saudi Vision 2030’s objectives. It contributes to improving electricity generation efficiency and reducing costs by diversifying energy production sources to achieve the optimal energy mix and displacing liquid fuels in the Kingdom’s power sector.