Riyadh – Mubasher: ACWA Power Company has signed the senior debt financing documents for the Qassim 1 Combined Cycle Power Plant (CCGT) project with a total amount of SAR 5.69 billion ($1.51 billion).

The agreement was signed with a group of international and local commercial lenders funded, including Standard Chartered Bank, Bank of China, Riyad Bank, The Saudi National Bank (SNB), Alinma Bank, Saudi Investment Bank, and Saudi Awwal Bank.

Qassim 1 plant is set to have a capacity of 1,800 megawatts. The project is implemented through Qudra One for Electricity Company in which ACWA Power holds a 40% stake.

Funding for the project was obtained on 1 May 2024. The loan will be repaid over a duration of 28.10 years.

ACWA Power logged an annual increase of 7.90% in net profit to SAR 1.66 billion in 2023 from SAR 1.54 billion.