Riyadh — Mubasher: Al Morjan Two Electricity Company, an affiliate of Saudi Energy Company, achieved financial close for the Rabigh 2 Independent Power Plant expansion project.
The financing for the combined-cycle gas turbine facility, located in the Western Region of Saudi Arabia, totals SAR 9.69 billion.
The project features a production capacity of 2,313 MW and is designed to be carbon-capture ready.
Acwa Power maintains a 40% stake in the venture. Funding was provided by a consortium of local, regional, and international lenders, including Saudi Awwal Bank (SAB), Saudi National Bank (SNB), Alinma Bank, and Riyadh Bank, alongside several international institutions such as HSBC Middle East and Standard Chartered.
The financing agreement extends for approximately 34 years and is secured by limited guarantees on Acwa’s share of reserve liquidity and accounts.
The project aims to develop, build, and operate the plant, with the full financial impact expected to materialize upon the commencement of commercial operations in the second quarter (Q2) of 2029.
