Utilities / Energy
Tihama Power Generation Company

Powering the heart of Saudi Arabia’s energy industry

Tihama owns and operates four gas-fired cogeneration plants located within Saudi Aramco’s refineries and gas plants in the Eastern Province — Ras Tanura, Juaymah, Shedgum, and Uthmaniyah — supplying the electrical power and process steam essential to running them.

Owning and operating four gas-fired cogeneration plants makes Tihama not simply a power supplier but a critical link in the operations of one of the world’s most important energy producers.

Through cogeneration, the assets achieve a level of efficiency conventional generation cannot match. Since commencing operations in 2006, Tihama has delivered the kind of contracted, mission-critical infrastructure that sits at the center of Rakiza’s strategy.

Rakiza’s 40% investment in Tihama marked the Fund’s first transaction in Saudi Arabia — a defining entry into the Kingdom, secured in an asset of genuine national significance.

Working alongside our partner ENGIE, our asset management has focused on supporting strong operational performance across the four plants and, critically, on securing the extension of the Energy Conversion Agreements that underpin the asset’s long-term value. By protecting and extending those cash flows, we turn a strong asset into an enduring one.