SEC and ACWA Power Achieve US$2.9 Billion Financial Close for Qurayyah CCGT IPP

Saudi Electricity Company (SEC), ACWA Power Company have announced that Hajar Two Electricity Company (the project Company), has achieved financial close of the Qurayyah CCGT IPP Expansion Project located in the Eastern province of Saudi Arabia, with a production capacity of 3,010 MW.

The financing was secured by a group of local, regional, and international lenders. The lending group includes Abu Dhabi Commercial Bank, Ajman Bank, Alinma Bank, Arab National Bank, Banque Saudi Fransi, Boubyan Bank, Commercial Bank of Dubai, Eurobank, HSBC, National Bank of Kuwait, Riyad Bank, Saudi Awwal Bank, Standard Chartered Bank, Sumitomo Mitsui Trust Bank, The Korea Development Bank, The Saudi Investment Bank, and The Saudi National Bank. The financing amount is SAR 10.8 billion (USD 2.9 billion) and the duration of financing is 28 years.

In February 2025, ACWA Power Company, Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co. Ltd signed a Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) — the Principal Buyer — for the Qurayyah IPP Expansion Project. Meanwhile, Orascom Construction PLC of Egypt, in partnership with Técnicas Reunidas, received the Engineering, Procurement, and Construction (EPC) contract to develop the Qurayyah IPP Expansion Project.