Riyadh – Mubasher: Acwa Power announced that Al Murjan 2nd for Electricity Company has achieved financial close for the Rabigh 2 Independent Power Plant expansion project.
The combined-cycle gas turbine facility, located in the Western Region of Saudi Arabia, has a production capacity of 2,313 MW and is designed to be carbon-capture ready.
Acwa maintains a 40% stake in the project.
The financing, totaling SAR 9.69 billion, was secured on 1 October 2026, from a consortium of local, regional, and international lenders.
The group includes Alinma Bank, Riyadh Bank, Saudi Awwal Bank (SAB), Saudi National Bank (SNB), Abu Dhabi Commercial Bank, Boubyan Bank, Commercial Bank of Dubai, China Minsheng Banking Corp., HSBC Middle East, Industrial and Commercial Bank of China, Industrial Bank Co., National Bank of Greece (Cyprus), Standard Chartered Bank (Taiwan), and Sumitomo Mitsui Trust Bank.
The funding carries a duration of approximately 34 years and is backed by limited guarantees on Acwa’s share of equity bridge and reserve accounts.
The project aims to develop, build, and operate the gas-fired plant, with the financial impact expected to materialize starting from the second quarter (Q2) of 2029.
On 22 September, the group received notification regarding the commencement of initial commercial operations at the Taiba 1 combined cycle gas turbine (CCGT) project.
