Al Morjan Two Electricity Company, an ACWA Power subsidiary, has achieved financial close for the Rabigh 2 IPP Expansion Project, a 2,315 MW gas-fired CCGT power plant in the Western Province of Saudi Arabia (ACWA Power press release, 04/10/2026). The project secured SAR9.7bn (USD2.6bn) in long-term financing and is designed with readiness for the future installation of carbon capture units.
ACWA Power holds an effective 40% stake in the project, which involves the development, construction, ownership and operation of the facility. The financing package was provided by a consortium of local, regional and international lenders and has a tenor of approximately 34 years.
The plant is expected to generate approximately 18.3 TWh/year based on installed capacity and will contribute additional dispatchable generation capacity to the Saudi power system. ACWA Power expects the project's financial impact to begin from the second quarter of 2029.
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