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 Kahafah Battery Energy Storage System Independent Storage Project (ISP), located in Hail province, Saudi Arabia. The contract, signed on August 20, 2026, is valued at SAR 1.11 billion and covers the development, financing, building, owning, and operating of a 500MW/2,000MWh battery energy storage system, including grid connection. The agreement 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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