Financially closed: A consortium led by Abu Dhabi National Energy Company, Japan’s Jera, and Albawani Capital has reached financial close on the Rumah 2 and Al Nairyah 2 combined-cycle gas turbine (CCGT) power plants, according to a press release (pdf). The projects will add 3.6 GW of capacity — 1.8 GW each — to the kingdom’s grid under a 25-year power purchase agreement with the Saudi Power Procurement Company.

The projects are valued at around USD 4 bn, with senior debt and equity bridge loans covering more than 80% of total costs. Banks providing funding include Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Saudi National Bank, APICORP, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, and First Abu Dhabi Bank.

A big lineup: Taqa holds 49% stake in the projects, while Jera holds 31%, leaving the remaining 20% for AlBawani. China’s Harbin Electric International and China Tiesiju Civil Engineering Group were awarded EPC contracts, with Siemens Energy supplying turbines and equipment under long-term service agreements.

REFRESHER- In November, Taqa, Japan’s Jera, and Saudi’s Al Bawani were awardedcontracts on a build, own, and operate basis for the two plants, with Taqa acting as the managing and technical lead, and Jera serving as a technical member.

Timeline: Simple cycle operations are set to begin in 2027, with full operations slated for 2028.

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