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ACWA Power Reaches Financial Close for Rabigh 2 IPP Expansion with Chinese Lenders

Al-Morjan Two Electricity Company has achieved financial close for the SAR 9.69 billion Rabigh 2 IPP Expansion Project in Saudi Arabia. ACWA Power holds a 40 percent equity stake in the 2,313.5 MW gas-fired facility. Debt financing was backed by a syndicate including major Chinese commercial banks.

Published Source: Maaal

ACWA Power Company announced that Al-Morjan Two Electricity Company has reached financial close for the Rabigh 2 IPP Expansion Project in Saudi Arabia, valued at SAR 9.69 billion ($2.58 billion).

The expansion encompasses the development, construction, ownership, and operation of a 2,313.5 MW combined-cycle gas-fired power plant. The facility is engineered to be carbon-capture ready, and ACWA Power holds a 40 percent equity stake in the project company.

Debt financing for the project was provided by an international and regional banking syndicate that included several Chinese institutions: Industrial and Commercial Bank of China (ICBC), China Minsheng Banking Corp. Ltd. (Hong Kong Branch), and Industrial Bank Co. Ltd. (Beijing Branch).

According to the announcement, the financial impact from the operation of the expansion facility is projected to commence in the second quarter of 2029.

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