Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies across Europe, the Middle East, and Africa, and JERA Co., Inc., Japan’s leading power generation company, have announced the successful financial closing for Najim Cogeneration Company Limited. This new industrial steam and electricity cogeneration plant will provide electricity and steam to a petrochemical complex in Jubail, Eastern Province, Saudi Arabia.
The cogeneration plant will generate up to 475 megawatts (MW) of power and approximately 452 tonnes per hour (TPH) of steam using advanced combined-cycle gas-fired technology. The facility will be developed by a special purpose entity owned 51% by TAQA and 49% by JERA, operating on a 25-year build, own, and operate basis, extendable by five years upon mutual agreement. TAQA and JERA will also oversee the plant’s operation and maintenance through a dedicated O&M special purpose entity.
This financial closing follows the Power and Steam Purchase Agreement signed with Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between Saudi Arabian Oil Company (Saudi Aramco) and TotalEnergies, in March 2024.
Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business, commented, “Reaching financial close is a significant milestone that underscores our role as a preferred partner for large-scale utility projects. This achievement aligns with our commitment to growth and operational efficiency. The development of this advanced cogeneration plant, which includes the latest J-Class gas turbine technology in partnership with JERA, marks our third generation project in Saudi Arabia and adds substantial capacity to our portfolio.”
Steven Winn, Chief Global Strategist at JERA, added, “The financial close of the SATORP Strategic Expansion Cogeneration plant represents a major accomplishment for TAQA, JERA, and SATORP. This project aligns with our strategy to deliver efficient, sustainable, and technologically advanced energy systems. Utilizing advanced J-Class gas turbine technology, the plant will enhance energy efficiency, minimize environmental impact, and support SATORP’s expansion. It will set new standards in operational performance and sustainability.”
The plant will feature advanced power and steam generation systems, including gas and water receiving systems and gas-insulated switchgear. It is designed to meet the stringent efficiency standards set by the Saudi Energy Efficiency Center and has provisions for future carbon capture and hydrogen co-firing. The SATORP Strategic Expansion complex is expected to become home to one of the largest mixed-load steam crackers in the GCC region.
