On August 23, 2026, Saudi Energy Co. announced the signing of a Storage Services Agreement ("SSA") with the Saudi Power Procurement Company – Principal Buyer ("SPPC") for the Al-Muwaih Battery Energy Storage System Independent Storage Project ("ISP"), located in Makkah province, Saudi Arabia. The agreement, signed on August 20, 2026, covers the development, financing, building, owning, and operating of a battery energy storage system with a capacity of 500MW/2,000MWh, along with grid connection. The contract is valued at SAR 1.06 billion and spans 15 years from the plant's commercial operation date, with Saudi Energy holding an effective shareholding of 35.1% in the project. The financial impact will be disclosed upon the project achieving financial close, with ACWA Power noted as a related party.

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