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Project Finance International
Global Energy Report 2013



A sleeping giant awakens. By Pascal Martese, director, acquisitions and project finance; Rohit Gokhale, director, acquisitions and project finance; and Soudki Atassi, associate director, acquisitions and project finance, ACWA Power.


SEC Board of Directors Visiting QIPP on Feb. 24, 2013


Hajr Electricity Production Company (HAJR), owned 50% by a consortium comprising of ACWA Power, Samsung C and T and MENA Infrastructure Fund, and 50% by SEC met all the conditions precedents to achieve financial close under the senior credit facilities on Tuesday 24 April 2012, making available US$ 2.05 billion of senior credit facilities to fund the project. The project, is being developed on a BOO (build, own, operate) basis, and is located at Qurayyah, on the eastern coast of Saudi Arabia adjacent to existing SEC facilities and will substantially increase power supplies to the Saudi power grid. It is the third of its type, and the largest IPP tendered by SEC represents another major development in the Saudi power sector to help meet the rapidly increasing power demand in Saudi Arabia.


Qurayyah IPP- 1st Gas Turbine Rotor successfully balanced at Siemens Facility in Berlin, Germany on 21st March 2012


Samsung CT Engineering and Construction Group, in a joint consortium with ACWA Power and MENA Infrastructure Fund, has been awarded a $2.85 billion contract for the construction on an EPC basis of Qurayyah Combined Cycle Gas-fired Independent Power Project (IPP) from Saudi Electricity Company (SEC).


RIYADH: A consortium, led by ACWA Power (a 100 percent Saudi-owned company), recently issued notice to proceed with the construction of the largest independent power generation project in the world, Qurayyah Independent Power Project (IPP).


A consortium led by ACWA Power, and including Samsung C&T and MENA Fund, has issued a Notice To Proceed with the construction of the largest independent power generation project in the world, Qurayyah Independent Power Project (IPP).  The project, to be developed on a BOO (build, own, operate) basis, will be located at Qurayyah,


In September A consortium led by Saudi-based Acwa Power Entered into an agreement to proceed with the construction of what is set to be the world's largest independent power generation project:  Qurayyah Indeppendent Power Project.


A consortium led by ACWA Power (a 100% Saudi Owned company), and includes Samsung C&T and MENA Fund issued on 2 December 2011 Notice To Proceed with the construction of the Largest Independent Power Generation Project in the world, Qurayyah Independent Power Project (IPP).


The $2.795 multi-sourced financing for the 3.92MW gas-fired qurayyah Independent Power Project is notable for two reasons - pricing and cometitive bidding.


State controlled Saudi Electricity Co (SEC) has invited local and foreign investors to express interest in a 1,800 megawatt oil fired power plant in the kingdom, where power demand is rising fast.




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Contact Information:

  • Qurayyah

  • KSA P.O. Box 31998, Khobar 31952

  • Tel : +966 13 8456795

  • Fax: +966 13 8456796

  • E-Mail: info(at)hajr.sa
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