Riyadh - Mubasher: ACWA Power company achieved the financial close for two large-scale combined cycle gas turbine (CCGT) power plants at a value of SAR 12.80 billion ($3.40 billion).

Located in Riyadh and the Eastern province of Saudi Arabia, Rumah-1 and Al-Nairyah-1 have a total production capacity of 1,800 megawatts (MW) for each plant, according to a bourse disclosure.

The company secured the funding, on 21 August, by a consortium of local, regional, and international lenders, along with an export credit agency.

The lending group includes Export-Import Bank of Korea (KEXIM), Saudi National Bank (SNB), Saudi Investment Bank (SAIB), Banque Saudi Fransi, Standard Chartered Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and Arab Petroleum Investments Corporation

ACWA Power’s effective shareholding in each project is 35%. It will utilize the 28-year funding to develop, build, own, and operate the two CCGT power plants.

The Tadawul-listed company recently received commercial operation certificates for three major solar projects in Saudi Arabia.