The Saudi Power Procurement Company (Principal Buyer) announced the opening of qualification for competition on the third phase of conventional power plant projects, which operate using combined cycle technology, under the supervision of the Ministry of Energy.

The winning consortium owns 100% of the developer company.

These projects are subject to the Build, Own, Operate (BOO) model in their development, and the winning consortium for each project owns 100% of the project company established to develop and operate independent power producer (IPP) projects.

Each project company will sign a Power Purchase Agreement with the 'Principal Buyer', with the aim of implementing a circular carbon economy approach that employs various solutions and technologies to manage carbon emissions, including replacing liquid fuel with lower-carbon natural gas while ensuring readiness to build a carbon capture unit.

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, under the Principal Buyer license issued by the Saudi Electricity Regulatory Authority.