Saudi Electricity achieves financial closure for Qassim 1 and Taiba 1 at SAR 11.4B

Saudi Electricity Co. (SEC) achieved financial closure for Qassim 1 and Taiba 1 independent power projects (IPPs) at a total value of SAR 11.4 billion ($3.04).

According to the Saudi Press Agency, the financing agreements were signed by the project companies, Sidra One Co. for the Taibah 1 station, and Qudra Co.  for the Qassim 1, where SEC’s ownership in both companies is 40%.

The Taibah 1 and Qassim 1 projects are two IPPs using gas turbine technology with a combined cycle power capacity of 3,600 megawatts.

These projects were awarded to SEC by Saudi Power Procurement Co. (SPPC) as part of an alliance with ACWA Power in October 2023.

In November 2023, a successful 25-year power purchase agreement was signed with SPPC for the two projects.