Funding secured for $3bn power plant in Mecca

Middle East Construction News

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 Saud…

Funding secured for $3bn power plant in Mecca

Acwa Power and Saudi Energy, co-developers of a gas-fired power plant in the Mecca region, have secured funding to expand the project. The two Saudi-listed companies secured SAR9.7 billion ($2.6 billion) from a consortium of 14 regional and international banks to finance the 2.3-gigawatt (GW) Rabigh 2 expansion, according to a statement to the Saudi stock market. The consortium included four lenders from Saudi Arabia, two from the UAE, one from …