Saudi utility giant Acwa Power Company has announced that Al Morjan Two Electricity Company achieved financial close for the US $2.5bn Rabigh 2 IPP Expansion Project, a combined-cycle power plant in the Kingdom of Saudi Arabia’s Western Province with a generation capacity of 2,313.5 MW and readiness for the construction of a carbon capture unit.
Al Morjan Two Electricity is the special purpose vehicle developing the Rabigh 2 CCGT project in Saudi Arabia. Acwa Power holds a 40% stake in the project.
Financing was secured through a consortium of local, regional and international lenders comprising Alinma Bank, Riyad Bank, Saudi Awwal Bank, and The Saudi National Bank; Abu Dhabi Commercial Bank, Boubyan Bank and Commercial Bank of Dubai in addition to China Minsheng Banking Corp (Hong Kong), HSBC Bank Middle East, Industrial and Commercial Bank of China, Industrial Bank Co (Beijing Branch); National Bank of Greece (Cyprus);Standard Chartered Bank (Taiwan) and Sumitomo Mitsui Trust Bank (London Branch), said Acwa Power in its filing to Saudi bourse Tadawul.
The guarantees provided for the financing comprise a limited guarantee covering its share of the liquidity reserve and reserve account.
The company expects the financial impact to begin in the second quarter of 2029, it added.
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