Spain’s Tecnicas Reunidas and Egypt’s Orascom have won a $2.6 billion contract to expand a major gas-fired power plant in Saudi Arabia. The project will increase the plant’s capacity to 3 gigawatts and introduce carbon capture infrastructure, alongside a new 380-kilovolt substation.
This contract, structured as an equal partnership between the two companies, adds to a series of recent deals for Tecnicas Reunidas in the Middle East. These agreements are expected to help the firm triple its net profit by 2026 compared to 2023.
Tecnicas Reunidas, known for its focus on energy infrastructure, has seen its stock price surge nearly 50% this year as it rebounds from previous downturns in energy investment.