Saudi Electricity Company received a letter of intent from Minister of Energy to acquire Saudi Power Procurement Company on November 29, 2021. Ministry of Energy, Industry and Mineral Resources, Saudi Arabia and Ministry of finance - Kingdom Of Saudi Arabia agreed to acquire Saudi Power Procurement Company from Saudi Electricity Company on June 29, 2022. All legal arrangements for the deal has been fulfilled.

The sale price will be equivalent to the book value of SPPC's net assets at the end of Q2 2022.