Riyadh — Mubasher: ACWA Power Company (Acwa) announced the signing of power purchase agreements with the Saudi Power Procurement Company (SPPC) to develop, finance, build, and operate three independent battery energy storage system (BESS) projects.
The facilities are Kahafah in Hail as well as Haden and Al Muwaih in Makkah, according to a bourse filing.
Each individual project is designed with a production capacity of 500 MW and a storage capacity of 2,000 MWh.
The agreements were executed on 20 August 2026 between SPPC and the individual project firms as New Moya for Energy Storage Project Company, Buraiq for Energy Storage Project Company, and New Ishaa for Energy storage Company.
Under the terms of the contracts Acwa will hold a 34.90% equity stake in each project upon reaching financial close.
The agreements carry a contract duration of 15 years starting from the commercial operation date of each facility.
While the total contract value will be finalized at the point of financial close to reflect full project costs, Acwa noted that the financial impact will be disclosed once those milestones are achieved. It further said that Saudi Energy Company is a related party in the transactions.
