Principal Buyer: Qualification Competition Opens for Third Phase of Conventional Power Plant Projects

Logo of Saudi Power Procurement Company - Principal Buyer

The Saudi Power Procurement Company - Principal Buyer, under the supervision of the Ministry of Energy, announced the opening of qualification for competition on the third phase of conventional power plant projects, which operate using combined cycle technology and are developed under the Build, Own, Operate (BOO) model. According to a company statement, the winning consortium for each project will own 100% of the project company established to develop and operate independent power producer (IPP) projects, and each project company will sign a power purchase agreement with the Principal Buyer. These projects aim to achieve Saudi Vision 2030 through the sustainable growth of the energy sector in the medium and long term by applying the circular carbon economy approach, which employs various solutions and technologies to manage carbon emissions, including replacing liquid fuel with less carbon-intensive natural gas while ensuring readiness to build a carbon capture unit, and achieving the Kingdom's targets in reducing its emissions. The Principal Buyer is the entity responsible for preparing preliminary studies, tendering, and awarding independent power projects, and purchasing power from energy projects in the Kingdom of Saudi Arabia under the Principal Buyer license issued by the Saudi Electricity Regulatory Authority.

Saudi Vision 2030

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