GE Vernova bags gas turbine orders for Saudi Arabia’s Taiba 1 and Qassim 1 plants

GE Vernova, Inc. (NYSE: GEV) has announced a significant order involving six 7HA.03 gas turbines and two 7E.03 gas turbines, secured from SEPCOIII Electric Power Construction Co., Ltd. The deal, integral to the construction of two new power plants, Taiba 1 and Qassim 1 in Saudi Arabia, was officially booked in March 2024, marking a substantial achievement in the company’s first quarter financials.

Located strategically, Taiba 1 and Qassim 1 will be established respectively in the western region near Madinah and the central region near Buraydah. These plants are a pivotal part of Saudi Arabia’s initiative to balance its energy production portfolio—targeting an equal split between renewable and gas energy by 2030, ultimately aiming for net-zero greenhouse gas emissions by 2060.

The plants, utilizing GE Vernova’s advanced 7HA.03 gas turbines, are anticipated to contribute up to 3.8 gigawatts of power, sufficient to meet the energy requirements of about 1.2 million homes in the region. Slated for completion by 2027, these facilities are expected to set benchmarks in efficiency within the Kingdom and are designed to be compatible with future carbon capture technologies to minimize CO2 emissions.

In addition to the hardware supply, GE Vernova and ACWA Power’s subsidiary, National Operations & Maintenance Company (NOMAC), have entered into a 21-year service agreement to ensure optimal plant operations. This agreement underscores a long-term commitment to operational excellence and sustainability.

SEPCOIII spokesperson expressed enthusiasm about the collaboration, highlighting the potential integration of carbon capture solutions to enhance environmental sustainability. This partnership reflects a growing trend towards integrating gas plants with emission reduction technologies, crucial for combating climate change.

GE Vernova’s longstanding presence in Saudi Arabia has contributed significantly to the nation’s energy infrastructure and economic diversification efforts, aligned with Saudi Vision 2030. The company’s local investments include the GE Manufacturing and Technology Center (GEMTEC) in Dammam, which houses multiple facilities for the advancement of gas turbine technology and decarbonization efforts.

Joseph Anis, President & CEO of GE Vernova’s Gas Power business in Europe, Middle East & Africa, highlighted the order as a milestone for regional gas power generation. This project not only supports the localization of the turbine industry but also aligns with Saudi Arabia’s broader economic and environmental goals.

The strategic alliance between GE Vernova, SEPCOIII, and ACWA Power, marked by the recent contract signing, sets the stage for future advancements in safe, reliable, and sustainable electricity production in Saudi Arabia. This partnership is expected to deliver innovations that will significantly influence the energy landscape of the Kingdom.