Saudi Energy Co. Announces Signing the Power Purchase Agreement for Rabigh2 IPP Expansion Project with the Saudi Power Procurement Company

Saudi Energy Co. Announces Signing the Power Purchase Agreement for Rabigh2 IPP Expansion Project with the Saudi Power Procurement Company – Principal Buyer (“SPPC”)

Element List	Explanation
Introduction	Saudi Energy Co. Announces the signing of the Power Purchase Agreement “PPA” with the Saudi Power Procurement Company – Principal Buyer (“SPPC”) for large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plant, namely Rabigh 2 IPP Expansion Project. The Project is located in Makkah province of Saudi Arabia, with a production capacity of 2313.5 MW with readiness to build Carbon Capture Unit.

Element List

Explanation

Introduction

Saudi Energy Co. Announces the signing of the Power Purchase Agreement “PPA” with the Saudi Power Procurement Company – Principal Buyer (“SPPC”) for large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plant, namely Rabigh 2 IPP Expansion Project. The Project is located in Makkah province of Saudi Arabia, with a production capacity of 2313.5 MW with readiness to build Carbon Capture Unit.

Saudi Energy Co holds an effective shareholding of 40 % in the project. Date of Announcement of the Award 2026-04-16 Corresponding to 1447-10-28 Contract Subject Matter Power Purchase Agreement (“PPA”) The Entity with Which the Contract was Signed Saudi Power Procurement Company – Principal Buyer (“SPPC”) Date of Signing the Contract 2026-04-16 Corresponding to 1447-10-28 Contract Value 11.5 billion Saudi Riyal Contract Details 1. Development, Financing, Building, Owning and Operating a natural gas- CCGT power plant

2. Development, Financing, and Building, an extension to a 380kV electrical substation. Contract Duration 31 years from the plant commercial operation date. Financial Impact and the Relevant Period The financial impact will be announced once the Project achieves the financial close. Related Parties ACWA Power Additional Information NA

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