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 Haden 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, construction, ownership, and operation of a 500MW/2,000MWh battery energy storage system, as well as an extension to the 380kV electrical plant substation and grid connection. The contract is valued at SAR 1.08 billion and will run for 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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