Saudi Energy Company and ACWA Power announced that Al‑Morjan Two Electricity Company has reached financial close on the Rabigh 2 IPP Expansion Project, valued at SAR 9.69 billion (approximately US$2.58 billion).

The project will develop a combined‑cycle gas‑fired power plant in the Western Province of Saudi Arabia with a generation capacity of 2,313.5 MW and provisions for a future carbon‑capture unit.

Ownership of the venture is split equally between Saudi Energy Company and ACWA Power, each holding a 40 % stake.

Financing will be supplied by a consortium that includes local banks Alinma, Riyad, Saudi Awwal and Saudi National Bank, as well as regional lenders Abu Dhabi Commercial Bank, Boubyan Bank and Commercial Bank of Dubai.

International participants in the loan syndicate comprise HSBC Middle East, Industrial and Commercial Bank of China, China Minsheng Bank (Hong Kong), Industrial Bank Co. (Beijing), National Bank of Greece (Cyprus), Standard Chartered (Taiwan) and Sumitomo Mitsui Trust Bank (London).

The lenders will provide a limited guarantee covering ACWA Power’s share of the liquidity reserve and reserve account, securing cash‑flow for the project.

The plant’s financial impact on Saudi power markets is projected to begin in the second quarter of 2029.