Riyadh - Sharikat Mubasher: Abu Dhabi National Energy Company (TAQA) and JERA Company, Japan’s largest power generation company, reached the financial closing of Najim Cogeneration Company Limited, a new industrial steam and electricity cogeneration plant that will produce electricity and steam for a petrochemical complex in Jubail.

The plant’s financial closing came after TAQA and JERA concluded a power and steam purchase agreement with Saudi Aramco Total Refining and Petrochemical Company (SATORP), according to the company’s press release.

The new cogeneration plant will supply up to 475 MW of power and approximately 452 TPH of steam from advanced combined cycle gas-fired technology. It 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.

The Emirati and Japanese companies will also undertake the operation and maintenance (O&M) of the plant through an O&M special purpose entity.

Farid Al Awlaqi, Chief Executive Officer of Generation Business at TAQA, stated that reaching the financial closing reinforces the company’s position as a partner of choice for utility projects of this scale.

“Representing a cornerstone of our commitment to growth and efficiency, TAQA is proud to take on a developer role as well as the operations and maintenance at the plant, two focus areas for capability expansion for TAQA, as well as adding 475 MW of power generation and 452 TPH of steam generation to our overall capacity,” Al Awlaqi elaborated.

Meanwhile, Steven Winn, Chief Global Strategist at JERA, commented: “Achieving financial close for the SATORP Strategic Expansion Cogeneration plant marks a significant success for TAQA, JERA, and SATORP.”

The new cogeneration plant, based on advanced J-class gas turbine technology, is designed to optimize energy efficiency and reduce environmental impact, playing a crucial role in supporting SATORP’s Strategic Expansion operations.