ACWA Power, SEC reach financial close for SAR 10.8B Qurayyah IPP

Logo of ACWA Power Co.

Saudi Electricity Co. (SEC) and ACWA Power Co. said that the latter’s subsidiary, Hajar Two Electricity Co. (the project company), achieved financial closure for the expansion of the Qurayyah Independent Power Plant (IPP) in the Eastern Province of Saudi Arabia, with a capacity of 3,010 megawatts (MW).

In two separate statements to Tadawul today, Oct. 19, both companies said the 28-year financing is valued at SAR 10.8 billion ($2.9 billion) and aims to develop, build, own, and operate a gas-fired combined-cycle power plant (CCGT). The facility was secured on October 16, 2025.

The funding was arranged through a consortium of local, regional, and international lenders, the companies clarified. This consortium includes Saudi National Bank (SNB), Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), The Saudi Investment Bank (SAIB), Arab National Bank (ANB), Abu Dhabi Commercial Bank (ADCB), HSBC Bank, Boubyan Bank, Commercial Bank of Dubai, Riyad Bank, Standard Chartered Bank, Sumitomo Mitsui Trust Bank, Ajman Bank, National Bank of Kuwait, Korea Development Bank, Alinma Bank, and Eurobank.

The facility’s guarantee is limited to SEC’s equity and ACWA Power’s share of the reserve liquidity and reserve account, the statements said.

Both companies and SNB are related parties.

According to data compiled by Argaam, SEC and ACWA Power signed a SAR 13.4 billion power purchase agreement (PPA) on Feb. 19, 2025, with the Saudi Power Procurement Co. (SPPC), the principal offtaker, for the Qurayyah CCGT IPP expansion project. Both companies hold a 40% stake each in the project.