China’s Sinohydro and Elsewedy Win $2.2 Billion Saudi Gas Power Plant Contract
A joint venture between China's Sinohydro and Egypt's Elsewedy Electric has secured a $2.2 billion EPC contract for a 2.3-gigawatt gas-fired power plant in Saudi Arabia. The Rabigh 2 IPP expansion facility is backed by ACWA Power and Saudi Energy, with commercial operations planned for May 2029. Financing includes $2.58 billion in long-term debt backed by 14 lenders, including the Industrial and Commercial Bank of China.




