Riyadh – Sharikat Mubasher: Saudi Arabia’s ACWA Power announced it has signed agreements with the Saudi Power Procurement Company (SPPC) for three large-scale Battery Energy Storage System Independent Storage Projects in the Kingdom.
The projects, Kahafah, Haden and Al Muwaih, are located in Hail and Makkah provinces, with each project featuring 500MW of power generation capacity and 2,000MWh of energy storage capacity, according to a disclosure to Tadawul.
The agreements were signed on August 20, 2026, with project companies New Moya for Energy Storage Project Company, Buraiq for Energy Storage Project Company and New Ishaa for Energy Storage Company.
ACWA Power will hold an effective 34.9% stake in each project company at financial close.
The projects will cover development, financing, construction, ownership and operation of the battery storage facilities under 15-year agreements beginning from each project’s commercial operation date.
The final project value will be determined at financial close after the relevant conditions are met. ACWA Power said the financial impact will be disclosed at financial close for each project.
The projects are expected to support Saudi Arabia’s efforts to expand energy storage capacity and integrate renewable energy into its power system.
