Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Rabigh 2 project finance deal: ACWA Power marks milestone  Join our daily free Newsletter

MENAFN - Arab News - 28/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) ACWA Power's Rabigh 2 project to deliver net 2060MW of electricity to Saudi Electricity Company (SEC) under a power purchase agreement (PPA) which has a term of 20 years from the scheduled commercial operations date of June 2017.

ACWA Power company recently celebrated the occasion of the signing completion of the (PPA) for Rabigh 2 Independent Power Project (IPP), as well as finalyzing the finance agreements between the Saudi Electricity Company (SEC) and Al-Murjan for Electricity Production Company - the project company.

A combination of specialists and those interested in the field of energy as well as the project partners took part in the event in Riyadh.
The winning consortium selected Siemens for the gas turbine generator unit and steam turbine generator unit.
Samsung C&T received the engineering, procurement and construction (EPC) the project.

Once completed, the plant will be operated by the First National Operation & Maintenance Company (NOMAC), a subsidiary of ACWA Power, under a long-term operations and maintenance (O&M) contract.
The project agreements and finance agreements were all signed simultaneously.

The project, to be developed on a BOO (build, own, operate) basis, will be located in Rabigh, 130 km north of Jeddah adjacent to the Rabigh 1 IPP and other existing SEC facilities.
The project, the fourth in SEC's IPP program, represents another significant milestone in the Saudi power sector given that this will be the first IPP to utilize combined Cycle Power plant with a gross thermal efficiency of c.58.8 percent at Reference Site Conditions at Rabigh.

The project company "Al-Mourjan for Electricity Production Company" has been established with the winning ACWA Power consortium and SEC owning 50 percent each.
R2IPP is a greenfield independent power project with a net generation capacity of 2060 MW.

The project will utilize Natural Gas as main Fuel and Arabian Super Light (ASL) as backup Fuel and with the application of combined cycle power plant in a configuration of three groups, each comprised of two gas turbines of enhanced efficiency, two heat recovery steam generators (HRSG) and one triple pressure steam turbine which will substantially reduce the fuel consumption, the impact on sea water temperatures and carbon emissions to the environment.

R2IPP comprises three identical power blocks, each delivering a net output of 686.5 MW.

The R2IPP plant will comply with all applicable environmental laws, guidelines, regulations and standards of the World Bank, IFC and the Saudi Presidency of Meteorology and Environment (PME).
Mohammed Abunyyan, chairman of ACWA Power, stated: "A project of this magnitude and of such a large scale would not have existed without our leadership's vision for the future, which cleared the way for the private sector's participation."
The chairman said: "I would like to take this the opportunity to thank Water and Electricity Minister Abdullah Al-Hussain for honoring this event with his presence."

Thamer Al-Sharhan, managing director of ACWA Power, said: "ACWA Power is the lead developer of Rabigh 2 IPP not only because it will be the most efficient power plant in the Kingdom and MENA regional as well, but also because we have been able to establish a team of developers, equipment suppliers, EPC contractor, O&M contractor and international & local lenders who, working together have been able to achieve a competitive tariff for SEC, which in turn will help to deliver value to the economic expansion of the country and at the same time serve the electricity needs of more than 2.5 million people in more than four hundred thousand households."


Arab News

  MENA News Headlines
 Nov 28 2015 - Turkey revised military engagement rules in 2012The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey's rules of engagement were changed long before Tuesday’s downing of Russian aircraft when on June 22 2012Syria shot down an unarmed Turkish ...

 Nov 28 2015 - Turkey- Arrest of Turkish journalists over Syria trucks news sparks outrageThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Domestic and international press institutions and political figures have condemned the Nov. 26 arrest of daily Cumhuriyet editor-in-chief Can Dündar ...

 Nov 28 2015 - In New York a warmer reception for Syrian refugeesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) In the wake of the terror attacks in Paris politicians and others are calling for a ban — or at least a delay — on the influx of refugees to the ...

 Nov 28 2015 - IS attacks raise odds of closer international cooperationThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) A new wave of Islamic State (IS) group terror attacks has exposed the vulnerability of countries across Europe and the Middle East forcing governments to ...

 Nov 28 2015 - UAE's international sphere inks contract with LiechtensteinMENAFN
(MENAFN) UAE based investment firm signed a business contract with the Liechtenstein Foundation for State Governance.Moreover; global sphere will organize the important approvals from African ...

 Nov 28 2015 - Saudi's National Trans and Despatch Co. gets USD 4.5mn for power projectMENAFN
(MENAFN) National Transmission and Despatch Co. Limited (NTDCL) and United Bank Limited signed a finance facility of USD 4.5mn for building a 270km transmission line.Furthermore; this investment ...

 Nov 28 2015 - Qatar fund plan gives optimism for the blindMENAFN
(MENAFN) Qatar fund plan is giving hope for millions of children suffering from blind issues, the donation worth USD 8mn.Furthermore, the joint "Qatar Creating Vision" plan will fund surgical ...

 Nov 28 2015 - Saudi- Schools to improve science educationArab News
(MENAFN - Arab News) JEDDAH: The Ministry of Education and King Abdulaziz City for Science and Technology (KACST) have signed several agreements to boost science and technology teaching at schools. ...

 Nov 28 2015 - MCI judged best e govt department in GCCArab News
(MENAFN - Arab News) RIYADH: The Ministry of Commerce and Industry (MCI) won the award for providing the Best E-Government Service among Gulf Cooperation Council countries. The award 'Best ...

 Nov 28 2015 - Saudi- Al Qaeda supporter gets 19 yearsArab News
(MENAFN - Arab News) JEDDAH: A special court has sentenced a Syrian national to 19 years in jail for supporting Al-Qaeda and other terror-related activities. The sentence includes three years for ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help