Leading global utility project developer Acwa Power has announced that one of its key affiliates – Hajar Two Electricity Company – has achieved a SAR10.8 billion ($2.9 billion) financial close for the Qurayyah CCGT IPP Expansion Project located in the Eastern Province of Saudi Arabia.

Once operational, the combined cycle power plant will boast a production capacity of 3,010 MW, said Acwa Power in its filing to Saudi bourse Tadawul.

Acwa Power’s effective shareholding in the project is 40 per cent. Its scope of work includes development, construction, owning and operation of the combined cycle gas turbine (CCGT) facility.

The 28-year funding was secured by a group of local, regional, and international lenders. These include Abu Dhabi Commercial Bank; Ajman Bank; Alinma Bank; Arab National Bank; Banque Saudi Fransi; Boubyan Bank; Commercial Bank of Dubai; Eurobank; HSBC: National Bank of Kuwait; Riyad Bank; Saudi Awwal Bank; Standard Chartered Bank; Sumitomo Mitsui Trust Bank; The Korea Development Bank; The Saudi Investment Bank and The Saudi National Bank.