Saudi Electricity Company (SEC) has announced that Hajar Two Electricity Company, the project company, has achieved financial close for the Qurayyah Combined Cycle Gas Turbine Independent Power Producer (CCGT IPP) Expansion Project. The facility is located in the Eastern Province of Saudi Arabia and will have a production capacity of 3,010 megawatts. SEC holds a 40% effective shareholding in the project company.
The financial close was reached on October 16, 2025. Funding for the project was secured from a consortium 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.
The total financing amounts to SAR 10.8 billion (USD 2.9 billion), with a duration of approximately 28 years. For SEC’s portion of the financing guarantees are limited to its standby equity and reserve account.
The objective of this financing is to develop, build, own and operate a combined cycle power plant at Qurayyah. Related parties involved in the project include ACWA Power Company and Saudi National Bank.
