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 3,010MW, said Acwa Power in its filing to Saudi bourse Tadawul.

A major player in the region, Acwa Power’s effective shareholding in the project is 40%. Its scope of work work includes development, construction, owning and operation of a 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.-TradeArabia News Service