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Acwa, Saudi Energy Secure $2.58bn Funding for Rabigh 2 Expansion Project

A consortium comprising ACWA Power Company and Saudi Energy Company has achieved financial close for the Rabigh 2 combined-cycle gas-fired power (CCGT) Independent Power Producer (IPP) expansion project in Makkah, Saudi Arabia.

The Project located in the Western province of Saudi Arabia, has a production capacity of 2,313.5 MW with readiness to Build Carbon Capture Unit.

Saudi Energy affiliate Al Morjan Two Electricity Company has reached financial close for the Project after securing SAR 9.69 billion ($2.58 billion) in debt financing.

Saudi Energy’s effective shareholding in the project is 40%.

The financing was secured by a group of local, regional, and international lenders. The lending group includes Abu Dhabi Commercial Bank PJSC, Alinma Bank, Boubyan Bank K.S.C.P., China Minsheng Banking Corp., Ltd. Hong Kong Branch (a joint stock limited company incorporated in the People's Republic of China), Commercial Bank of Dubai PSC, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China, Dubai (DIFC) Branch, Industrial Bank Co., Ltd. Beijing Branch, National Bank of Greece (Cyprus) Ltd, Riyad Bank, Saudi Awwal Bank, Standard Chartered Bank (Taiwan) Limited, Sumitomo Mitsui Trust Bank, Limited (London Branch), The Saudi National Bank.

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