Saudi Electricity Company “SEC”, ACWA Power Company announces that Hajar Two Electricity Company (the project Company), has achieved financial close of the Qurayyah CCGT IPP Expansion Project located in the Eastern province of Saudi Arabia, with a production capacity of 3,010 MW
The financing was secured by a group of local, regional, and international lenders. The lending group includes Abu Dhabi Commercial Bank, Ajman Bank, Alinma Bank, Arab National Bank, Banque Saudi Fransi, Boubyan Bank, Commercial Bank of Dubai, Eurobank, HSBC, National Bank of Kuwait, Riyad Bank, Saudi Awwal Bank, Standard Chartered Bank, Sumitomo Mitsui Trust Bank, The Korea Development Bank, The Saudi Investment Bank, and The Saudi National Bank.
The financing amount is SAR SAR 10.8 billion (USD 2.9 billion) and the duration of financing is 28 years.
Earlier during February 2025, ACWA Power Company, Saudi Electricity Company (SEC) and Haji Abdullah Alireza & Co. Ltd signs PPA with the Saudi Power Procurement Company – Principal Buyer (“SPPC”) for Qurayyah IPP Expansion Project. (read more)
Orascom Construction PLC, Egypt in joint venture with Técnicas Reunidas awarded the Engineering, Procurement and Construction (EPC) contract to build the Qurayyah IPP Expansion Project. (read more)
GE Vernova awarded Gas Turbines Contract and Heavy Engineering Industries & Shipbuilding Co. (HEISCO) awarded Civil & Electromechanical Works.
