These independent power producer (IPP) projects, which use combined cycle gas turbine technology, were awarded to the Saudi Electricity Co. by the Saudi Power Procurement Co. in alliance with ACWA Power in October 2023.

In November 2023, a 25-year power purchase agreement was signed with the SPPC for both projects, which are being developed on a build-own-operate basis.

Khalid Al-Qunun, CEO of the Saudi Electricity Co., praised his team's efforts in transforming the electric energy sector in the Kingdom.

The text describes the signing of financing agreements for two new energy projects in the Kingdom: Taiba 1 and Qassim 1.

The projects are owned by Sidra One for Electricity and Qudra Energy, with the Saudi Arabian General Investment Authority (SAGIA) holding a 40 percent stake in both companies.

The companies' CEO expressed his commitment to expanding energy generation and adopting the latest technologies to achieve the company's goal of zero neutrality by 2050.

The projects represent a significant advancement in electric energy production, utilizing combined cycle gas turbines for high efficiency, improved generation efficiency, reduced emissions, and decreased reliance on liquid fuels.

The text discusses the opening of new Combined Cycle Gas Turbine (CCGT) power stations in Saudi Arabia.

These stations are part of a larger plan to achieve the goals of Saudi Vision 2030, including an optimal energy mix and increasing local content.

The stations also support the Saudi Green Initiative, which aims for carbon neutrality by 2060.

The engineering design of the stations allows for future integration of carbon capture facilities, demonstrating the Saudi Electricity Company's (SEC) commitment to environmental, social, and governance responsibility.