A consortium led by Aljomaih Power & Water Company, a leading Saudi investor, developer and operator of utilities and infrastructure projects, has announced the financial closure of the 3.96 GW Taiba-2 and Qassim-2 combined cycle gas turbine (CCGT) power projects in the kingdom.

 

Aljomaih's consortium partners include Ajlan & Bros. Group, a leading multi-sector group, Saudi-based Bohour Investment Company and French utility major EDF Group.

 

The projects were financed through a combination of bridge financing and senior debt loans from Riyad Bank, First Saudi Bank, Abu Dhabi Commercial Bank, Banque Saudi Fransi, Arab Petroleum Investments Corporation (Apicorp), Saudi Investment Bank, Bank Aljazira, Commercial Bank of Dubai and First Abu Dhabi Bank, for a total value of $3.9 billion, said Aljomaih Holding in its LinkedIn post. 

 

This financing will play a major role in accelerating the development and implementation of the two projects, it stated.

 

Aljomaih said it will be the first in the kingdom to be ready to build carbon capture units, contributing to achieving the goals of Saudi Vision 2030 and the Saudi Green Initiative. 

 

The projects will also be equipped with the latest HL gas turbines from Siemens, Germany, in addition to steam turbines and generators, which will produce approximately 2,000MW of electricity from each project, it added.