Saudi Energy Co. Affiliate Reaches Financial Close for Power Plant Expansion Project in Saudi Arabia

03:08 AM EDT, 10/04/2026 (MT Newswires) -- Saudi Energy Co. (SASE:5110) said that its affiliate Al Morjan Two Electricity Co. reached financial close for the Rabigh 2 CCGT IPP Expansion project in Saudi Arabia. The project secured a 34-year financing worth 9.69 billion Saudi riyals, which will be used for the combined cycle power plant's development, construction, ownership, and operations, according to a Sunday release. The Saudi Arabian electricity supplier and utility Acwa Power (SASE:2082) each hold a 40% stake in the project that has a production capacity of 2,313.5 megawatts. The funding was obtained from Abu Dhabi Commercial Bank, Alinma Bank, Boubyan Bank, Commercial Bank of Dubai, HSBC Bank Middle East, Industrial and Commercial Bank of China, National Bank of Greece (Cyprus), Riyad Bank, Saudi Awwal Bank, Saudi National Bank, among other lenders.