Abu Dhabi – Mubasher Abu Dhabi National Energy Company (TAQA) and Japan’s energy giant JERA signed a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP) to develop a greenfield industrial steam and electricity cogeneration plant in Saudi Arabia.
The new power plant is planned to produce electricity and steam for the Amiral petrochemical complex to be developed in Jubail in the Eastern Province of the kingdom, according to a press release.
The Amiral cogeneration plant is set to be developed by a special purpose entity of which TAQA owns 51% and JERA owns 49% under a 25-year build, own, and operate agreement extendable for five years.
The two companies will also undertake the operation and maintenance of the plant through a special purpose entity.
SATORP is a joint venture (JV) company owned by Saudi Arabian Oil Company (Aramco) and TotalEnergies.
The Amiral cogeneration plant is set to include state-of-the-art power and steam generation systems, gas and water receiving systems, and gas-insulated switchgear interconnections.
It will be designed to meet stringent efficiency standards imposed by the Saudi Energy Efficiency Center.
The project also includes plans to install a carbon dioxide capture plant.
Farid Al Awlaqi, CEO TAQA Generation, said: “Together with our partner JERA, TAQA is looking forward to developing an efficient cogeneration plant that reduces carbon emissions and supports SATORP with its long-term decarbonisation programme.”
“The agreement will bolster TAQA's efforts in building on our growth and executing on our 2030 goals,” Al Awlaqi added.
Steven Winn, Chief Global Strategist at JERA, stated: “JERA is pleased to have signed the key project agreements for the Amiral Cogeneration Plant. It is a major accomplishment for all project stakeholders.”
“The Amiral Cogeneration plant will not only enhance the Amiral Complex’s operational efficiency, but also demonstrates our commitment to environmental stewardship and our growth ambitions for sustainable power generation solutions in the Kingdom of Saudi Arabia, and the region,” Winn highlighted.
It is worth noting that TAQA recorded net profits attributable to the owners valued at AED 16.64 billion in 2023, a surge from AED 8.03 billion in 2022.
