Record-Breaking Order for Taiba 1 and Qassim 1 Power Facilities in the Middle East

GE Vernova, Inc. (NYSE: GEV), a leader in energy technology, has secured its largest single order to date in the Middle East and Africa for its 7HA.03 gas turbines. The order includes six 7HA.03 units and two 7E.03 gas turbines for the Taiba 1 and Qassim 1 power plants in Saudi Arabia, along with a 21-year maintenance services agreement to ensure optimal plant operations.

The Taiba 1 and Qassim 1 plants are anticipated to be among the most efficient power facilities in Saudi Arabia, collectively contributing up to 3.8 gigawatts of electricity—enough to power approximately 1.2 million homes. These projects align with Saudi Arabia’s vision to generate half its electricity from renewable sources and half from gas by 2030, supporting the Kingdom’s goal of achieving net-zero greenhouse gas emissions by 2060.

GE Saudi Advanced Turbines (GESAT) will locally manufacture four of the H-class gas turbines for these plants, marking the first time 7HA.03 units will be completed in Saudi Arabia.

GE Vernova’s order from SEPCOIII Electric Power Construction Co., Ltd. (SEPCOIII), for the Taiba 1 and Qassim 1 power plants, was recorded in March 2024 and reflected in the company’s first-quarter earnings announcement. GE Vernova also signed a 21-year service agreement with ACWA Power’s subsidiary, National Operations & Maintenance Company (NOMAC), to support plant operations.

These new power plants are expected to commence operations in 2027, featuring GE Vernova’s advanced gas turbines that can potentially be equipped with carbon capture systems to reduce CO2 emissions significantly. The 7HA.03 turbines are also capable of burning up to 50% hydrogen when mixed with natural gas, providing a flexible solution for lower-carbon power generation.

“This significant project underscores our commitment to supporting Saudi Arabia’s energy transition,” said Joseph Anis, President & CEO of GE Vernova’s Gas Power business in Europe, Middle East & Africa. “We are proud to develop our first 7HA.03 project locally at GESAT, enhancing the localization of the gas turbine industry in Saudi Arabia in line with the Kingdom’s diversification and sustainability goals.”

GE Vernova’s service contract with NOMAC includes comprehensive maintenance and repair services, part supply, and real-time monitoring and diagnostics through GE’s advanced digital analytics technology. This collaboration aims to ensure the efficient and reliable operation of the Taiba 1 and Qassim 1 plants.

“Collaborating with GE Vernova allows us to deliver innovative energy solutions to the Kingdom,” said Marco Arcelli, CEO of ACWA Power. “This milestone contract sets the stage for future projects focused on safe, reliable, and sustainable electricity production in Saudi Arabia.”

GE Vernova, which began trading as an independent company on the NYSE in April 2024, plays a crucial role in the global energy transition. With over 55,000 wind turbines and 7,000 gas turbines, GE Vernova helps generate about 25% of the world’s electricity.

About GE Vernova

GE Vernova (NYSE: GEV) is a global energy company encompassing Power, Wind, and Electrification segments, supported by its accelerator businesses. With over 130 years of experience, GE Vernova is dedicated to electrifying the world while decarbonizing it. Headquartered in Cambridge, Massachusetts, GE Vernova employs over 75,000 people in more than 100 countries. The company’s mission, “The Energy to Change the World,” aims to deliver affordable, reliable, sustainable, and secure energy. GE Vernova’s Gas Power business leads in advanced gas turbine technologies and services, driving the transition to a lower-carbon future.

About GE Vernova’s Mission

The name GE Vernova symbolizes the company’s commitment to energy transition, retaining the legacy “GE” and integrating “Ver” for Earth’s lush ecosystems and “Nova” for new, innovative energy solutions.

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