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TAQA, JERA finalize financing for major expansion of SATORP plant in Saudi Arabia
(MENAFN) Abu Dhabi National energy Company (TAQA), in partnership with Japan’s leading electricity generation firm JERA, has successfully completed the financing arrangement for a significant expansion of the SATORP plant in Saudi Arabia. This new industrial facility is designed to co-generate electricity and steam, specifically to support the petrochemical complex located in Jubail, Eastern Province. While the exact value of the financing was not disclosed, the project represents a substantial investment in the region’s energy infrastructure.
This development follows a power and steam purchase agreement signed in March 2024 between TAQA, JERA, and Saudi Aramco Total Refining and Petrochemical Company (SATORP), which is a joint venture between Saudi Aramco and TotalEnergies. The new cogeneration plant is expected to generate approximately 475 megawatts of electricity and produce about 452 tons per hour of steam using advanced combined cycle gas turbines. The facility will be built, owned, and operated by Najm Cogeneration Limited, a special purpose vehicle (SPV) with TAQA holding a 51 percent stake and JERA owning 49 percent. The project will be managed under a 25-year build-own-operate (BOO) contract, with a possible extension of five years by mutual agreement, and both companies will oversee the plant’s operation and maintenance through a dedicated management entity.
This development follows a power and steam purchase agreement signed in March 2024 between TAQA, JERA, and Saudi Aramco Total Refining and Petrochemical Company (SATORP), which is a joint venture between Saudi Aramco and TotalEnergies. The new cogeneration plant is expected to generate approximately 475 megawatts of electricity and produce about 452 tons per hour of steam using advanced combined cycle gas turbines. The facility will be built, owned, and operated by Najm Cogeneration Limited, a special purpose vehicle (SPV) with TAQA holding a 51 percent stake and JERA owning 49 percent. The project will be managed under a 25-year build-own-operate (BOO) contract, with a possible extension of five years by mutual agreement, and both companies will oversee the plant’s operation and maintenance through a dedicated management entity.
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