Saudi-listed ACWA Power announced on Thursday the successful signing of senior debt financing documents for the Qassim 1 Combined Cycle Power Plant (CCGT) project in Qassim, Saudi Arabia.

The financing will support the development and construction of the 1,800 megawatts (MW) power plant undertaken by Qassim 1 CCGT Project Co. (Qudra One for Electricity Company in which ACWA Power holds a 40 percent ownership stake), the company said in a stock exchange statement.

The financing agreement involves a consortium of international and local commercial lenders, including Standard Chartered Bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, Saudi Investment Bank, and Saudi Awwal Bank.

The total financing amount is 5,690.6 million Saudi riyals ($1,517.5 million) with a term of approximately 28.1 years.

ACWA Power's guarantees on the financing are limited to its equity bridge loan, early generation revenue amount, standby equity contribution, and reserve account, the statement said.

In October 2023, Zawya reported that an ACWA Power-Saudi Electricity Company (SEC) consortium won Taiba 1, Qassim 1 Independent Power Producer (IPP) plant projects of 1.8 gigawatts (GW) capacity each, worth a combined $3.89 billion.

Read more: ACWA Power secures financing for 1,800MW Taiba 1 power plant in Saudi Arabia

Saudi's SPPC signs PPAs for Taiba 2 and Qassim 2 IPPs

(Editing by Anoop Menon) (

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