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Akwa secures deals for 1500MW energy storage
Akva Power company announced the signing of agreements with the Saudi Power Procurement Company to develop, implement, and operate three standalone battery energy storage projects in the Hail and Makkah regions. The projects will have a total capacity of 1,500 MW and storage capacity of up to 6,000 MWh. The projects, which will be carried out by subsidiaries, each will have a production capacity of 500 MW and a storage capacity of up to 2,000 MWh, with a 15-year power purchase agreement starting from commercial operation. Akva Power will be responsible for development, financing, construction, and operation, while its stake will be 34.9% in each project upon financial close, the value of which will be determined after satisfying the preconditions. The aim of these projects is to strengthen the energy infrastructure in the Kingdom, support the integration of renewable energy sources, and enhance the resilience and reliability of the national electricity grid.
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