{"id":101599,"date":"2025-10-20T00:00:00","date_gmt":"2025-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/20\/qurayyah-ipp-expansion-hits-financial-close\/"},"modified":"2025-10-20T00:00:00","modified_gmt":"2025-10-20T00:00:00","slug":"qurayyah-ipp-expansion-hits-financial-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/10\/20\/qurayyah-ipp-expansion-hits-financial-close\/","title":{"rendered":"Qurayyah IPP expansion hits financial close"},"content":{"rendered":"

Renewables giant <\/strong>Acwa Power reached financial close on the Qurayyah independent power<\/strong> project (IPP) <\/strong>expansion in the Eastern Province<\/strong>, according to a disclosure<\/a>. The project will be developed, built, owned, and operated by Hajar Two Electricity Company \u2014 a consortium of Acwa Power, Saudi Electricity Company (SEC), and Hajj Abdullah Alireza & Company.<\/p>\n

Who\u2019s in? <\/strong>The SAR 10.8 bn (c.USD 2.9 bn) financing \u2014 with a 28-year tenor \u2014 was arranged through a group of local, regional, and international lenders including ADCB, Ajman Bank, Alinma, ANB, Banque Saudi Fransi, Boubyan, Commercial Bank of Dubai, Eurobank, HSBC, NBK, Riyad Bank, Saudi Awwal Bank, Standard Chartered, Sumitomo Mitsui Trust Bank, Korea Development Bank, Saudi Investment Bank, and Saudi National Bank. <\/p>\n

REMEMBER-<\/strong> SEC and Acwa signed a SAR 13.4 bn power purchase agreement<\/a> with the Saudi Power Procurement Company for the QIPP expansion back in February. SEC and Acwa each hold a 40% stake in the project, while HAAISCO owns the remaining 20%.<\/p>\n

Project details: <\/strong>The project will see the development of a 3.01 GW combined-cycle gas turbine (CCGT) power plant ready for carbon capture and a 380 kV electrical substation. The existing USD 668.3 mn Qurayyah IPP project<\/a> \u2014 touted as the world\u2019s largest combined cycle gas-fired power plant \u2014 has a net generation capacity of 3.9 GW, and began commercial operations back in 2015.<\/p>\n

Some contracts are already in place:<\/strong> A JV between Egypt\u2019s Orascom Construction and Spain\u2019s Tecnicas Reunidas signed a USD 2.6 bn<\/a> Engineering, Procurement, and Construction contract with Hajr Two Electricity Company back in March. Later in May, GE Vernova secured<\/a> an order for gas turbines from Tecnicas Reunidas and Orascom Construction\u2019s JV, set to be installed at the plant. <\/p>\n","protected":false},"excerpt":{"rendered":"

The financing saw secured from local, regional and international lenders<\/p>\n","protected":false},"author":1,"featured_media":101600,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2570],"tags":[448,2425,10,1390,1331],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-acwa-power","tag-energy","tag-enterpriseam-ksa","tag-saudi-electricity-company-sec","tag-saudi-power-procurement-company-sppc","wpautop","entry"],"acf":{"mongo_id":"7b08ba56-1c47-4e05-a68e-b6fc707c2f57","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/2212.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Acwa Power seals SAR 10.8 bn financing for Qurayyah power project expansion","related_issue":[101594],"teaser":"The financing saw secured from local, regional and international lenders","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.eb27ac16-99bd-47ce-ad8a-52f217769bb3.mp3"},"yoast_head":"\nQurayyah IPP expansion hits financial close - 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