ACWA Power’s subsidiary Hajar Two Electricity and Saudi Electricity Co (SEC) have secured SAR10.8bn (US$2.9bn) in financing for the 3 GW Qurayyah Independent Power Plant (IPP) expansion in Saudi Arabia’s Eastern Province. The 28-year financing supports a gas-fired combined-cycle power plant (CCGT) project, with SEC and ACWA Power each holding a 40% stake. The project operates under a power purchase agreement (PPA) with Saudi Power Procurement Co (SPPC) as the offtaker.
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