Rabigh Power Project Secures 9.69B Riyals

Aqua Company announced the financial closing of the Rabigh Second Expansion Power Plant project, which operates on a combined cycle system, with a financing value of 9.69 billion SAR for a period of 34 years. The project aims to produce 2,313.5 MW and is equipped to include a carbon capture unit. It is part of Saudi Arabia’s investments in developing the renewable energy and green hydrogen sectors, to enhance the Kingdom’s position as a global hub for clean fuel. The financial impact of the project is expected to begin in the second quarter of 2029, with a note that Aqua’s stake in the project is 40%.

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