Riyadh - Mubasher:  Hajar Two Electricity Company, an affiliate of ACWA Power company, has achieved financial close of the Qurayyah CCGT IPP expansion project in the Eastern province of Saudi Arabia at an amount of SAR 10.80 billion ($2.90 billion).

The company will build, own, and operate a combined cycle power plant, with a production capacity of 3,010 megawatts (MW), according to a bourse filing.

ACWA Power’s effective shareholding in the project is 40%.

Secured on 16 October, a consortium of local, regional, and international lenders participated in the funding transaction, including Abu Dhabi Commercial Bank (ADCB), Ajman Bank, Alinma Bank, Arab National Bank (ANB), Banque Saudi Fransi, Boubyan Bank, Commercial Bank of Dubai (CBD), and Eurobank.

It also included HSBC, National Bank of Kuwait (NBK), Riyad Bank, Saudi Awwal Bank (SAB), Standard Chartered Bank, Sumitomo Mitsui Trust Bank, the Korea Development Bank, and the Saudi Investment Bank (SAIB).

Last August, the Saudi group obtained SAR 12.80 billion ($3.40 billion) for two large-scale combined cycle gas turbine (CCGT) power plants.