Saudi Energy announces achieving financial close for Rabigh 2 IPP Expansion Project in Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | Saudi Energy announces that Al Morjan Two Electricity Company, an affiliate of Saudi Energy, has achieved financial close of the Rabigh 2 CCGT IPP Expansion Project located in the Western province of Saudi Arabia, with a production capacity of 2,313.5 MW with readiness to Build Carbon Capture Unit. Saudi Energy’s effective shareholding in the project is 40%. |
| Date of obtaining the funding | 2026-10-01 Corresponding to 1448-04-20 |
| Financing entity | The financing was secured by a group of local, regional, and international lenders. The lending group includes Abu Dhabi Commercial Bank PJSC, Alinma Bank, Boubyan Bank K.S.C.P., China Minsheng Banking Corp., Ltd. Hong Kong Branch (a joint stock limited company incorporated in the People's Republic of China), Commercial Bank of Dubai PSC, HSBC Bank Middle East Limited, Industrial and Commercial Bank of China, Dubai (DIFC) Branch, Industrial Bank Co., Ltd. Beijing Branch, National Bank of Greece (Cyprus) Ltd, Riyad Bank, Saudi Awwal Bank, Standard Chartered Bank (Taiwan) Limited, Sumitomo Mitsui Trust Bank, Limited (London Branch), The Saudi National Bank. |
| Financing amount. | SAR 9.69 billion |
| Financing duration. | Approximately 34 Years |
| Guarantees offered for the financing | For Saudi Energy, limited to its standby equity, and reserve account. |
| Financing objective | Develop, Build, Own and Operate a Combined Cycle Power Plant. |
| Related Parties | 1- ACWA Power Company (Acwa) 2- Saudi National Bank |
| Additional Information | Financial impact from operations is expected to be reflected from second quarter of 2029 onwards |
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