Riyadh — Mubasher: Saudi Energy Company announced the signing of an energy storage services agreement with the Saudi Power Procurement Company as a Principal Buyer for Haden Battery Energy Storage System Independent Storage Project (ISP).
The contract is valued at SAR 1.08 billion and covers the development, financing, construction, ownership, and operation of the facility located in the Makkah region, according to a bourse filing.
ACWA Power was identified as a related party in the disclosure.
Meanwhile, Saudi Energy stated that the financial impact of the agreement will be clarified upon the completion of financial close.
The project features a storage capacity of 500 MW/2000 MWh.
Saudi Energy holds a 35.10% ownership stake in the venture.
Under the terms of the agreement, the listed company will also develop, finance, and build a 380 kV substation and its connection to the national grid.
The contract duration is 15 years starting from the date of commercial operation, while the contract and award were finalized on 20 August 2026.
