ACWA Power secures funding for Rabigh II

Aqua Power and Saudi Arabia for Electricity announced the completion of financing for the expansion of the second Rabigh Power Plant in Saudi Arabia, with a value of 9.69 billion riyals, and a production capacity of up to 2,313.5 MW. The project, executed by Al-Marjan Second Electricity Company, aims to develop and operate a gas-fired power plant using combined cycle technology, with the possibility of adding a carbon capture unit. The financing involves 14 banks and international and local financial institutions, with a repayment period of approximately 34 years. Full operation of the plant is expected to commence during the second quarter of 2029.

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