A consortium comprising POWERCHINA, Elsewedy Electric, and Sinohydro has signed an EPC contract for Saudi Arabia's Rabigh 2 CCGT expansion project. The project will add approximately 2,400 MW of power generation capacity on Saudi Arabia's western coast. The milestone follows the recent financial close achieved by project developer ACWA Power.
Saudi developer ACWA Power has signed a strategic partnership framework with Prolos China to explore renewable energy investments across China. The initiative focuses on centralized wind power, photovoltaic solar installations, and energy storage assets. The agreement supports ACWA Power's broader target of deploying $30 billion in China by 2030 across green power, desalination, and green hydrogen.
China Power Construction has signed an EPC contract in Riyadh for the Rabigh Phase II gas combined cycle power plant in Saudi Arabia. The facility will have a planned capacity of 2,400 MW. The contract encompasses design, procurement, civil installation, grid connection, and testing.
Dubai Electricity and Water Authority has completed an early $2.7 billion debt refinancing for the $4.3 billion Noor Energy 1 solar project. The 950MW hybrid complex involves China's Silk Road Fund as a shareholder and Shanghai Electric as the EPC contractor. The transaction replaces 2019 construction-period debt to lower financing costs during commercial operation.
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