On August 23, 2026, ACWA Power Company (Acwa) announced the signing of three Storage Services Agreements (SSAs) with the Saudi Power Procurement Company (SPPC) for three large-scale Battery Energy Storage System Independent Storage Projects — Kahafah, Haden, and Al-Muwaih — located in Hail and Makkah provinces of Saudi Arabia, with the contracts dated August 20, 2026. Each project carries a generation capacity of 500MW and an energy storage capacity of 2,000MWh, covering the development, financing, construction, ownership, and operation of the facilities over a 15-year term from each project's commercial operation date. The SSAs were signed between SPPC and the respective project companies — New Moya for Energy Storage Project Company, Buraiq for Energy Storage Project Company, and New Ishaa for Energy Storage Company — with Acwa holding an effective shareholding of 34.9% in each project company at financial close. The final project value and financial impact will be determined and announced upon financial close of each project, subject to the satisfaction of applicable conditions precedent.

Original announcement:

Note: The original announcement does not explicitly specify a currency unit. Figures above are reproduced as-is. Please refer to the original announcement for details.

Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.