Abu Dhabi National Energy Company (TAQA) and JERA Co., Japan’s power generation company, have achieved financial closure for their new industrial steam and electricity cogeneration plant in Saudi Arabia.

Najim Cogeneration Company Limited is an industrial steam and electricity cogeneration plant that will produce electricity and steam for a petrochemical complex in Jubail, Eastern Province of the Kingdom, TAQA said in a statement on the Abu Dhabi Securities Exchange on Thursday. 

No financial details were given.

The plant will supply up to 475 megawatts (MW) of power and nearly 452 tonnes per hour of steam from advanced combined cycle gas-fired technology.

The facility will be developed by a special purpose entity owned by TAQA (51%) and JERA (49%) on a 25-year build, own, and operate basis, extendable by five years on mutual agreement. They will also undertake the plant’s operation and maintenance (O&M). 

In March 2024, the two companies entered a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture company owned by Saudi Arabian Oil Company and TotalEnergies. 

The SATORP strategic expansion petrochemical complex is expected to house one of the largest mixed-load steam crackers in the GCC region.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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