On April 19, 2026, ACWA Power Company announced the signing of a Power Purchase Agreement with Saudi Power Procurement Company for the Rabigh 2 IPP Expansion Project, a Combined Cycle Gas Turbine power plant located in Makkah province, Saudi Arabia. The contract, valued at SAR 11.5 billion and signed on April 16, 2026, covers the development, financing, building, owning and operating of a 2,313.5 MW natural gas power plant with readiness to build carbon capture units, plus an extension to a 380kV electrical substation. ACWA Power holds a 40% effective shareholding in the project, which has a contract duration of 31 years from the expected commercial operation date.

Original announcement:

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