Saudi Group Aljomaih Energy & Water Co. (AEC) has announced that two CCGT power projects with a total combined capacity of 3.96 GW have achieved their financial close. The Taiba-2 and Qassim-2 CCGT independent power plant (IPP) projects are being developed by a consortium between AEC, Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group. The projects have been financed through through a combination of equity bridge financing and senior debt, with an estimated investment cost of SAR14.6bn (US$3.9bn). The projects will be equipped with Siemens HL-class gas turbines, in combination with steam turbines and generators, which will generate approximately 2 GW of electricity each. Both projects are expected to be connected to the grid in simple cycle mode in 2026 and will be permanently operated as a combined cycle power plant in 2027.
The projects are aligned with the country’s “Saudi Green initiative” launched in 2021 setting a target of 50% renewables in the power mix in 2030, with the remaining 50% coming from highly efficient gas-fired plants. At the end of 2023, Saudi Arabia had a total installed capacity of almost 90 GW, of which CCGT represented 15%.
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