Saudi ACWA gets $2bn Rabigh power financing

Power co secures $1.4bn of financing from Saudi banks and remainder from abroad.
Saudi ACWA gets $2bn Rabigh power financing
By Stanley Carvalho
Mon 30 Mar 2009 04:21 PM

Saudi Arabia's ACWA Power International has secured $2bn financing for its Rabigh power plant projects, its chief executive told Reuters on Monday.

ACWA has secured $1.4bn of that financing from Saudi banks and the remainder from abroad, Paddy Padmanathan said.

"We are working to a financial close before the end of May this year," Padmanathan said in an interview at a conference.

The Rabigh plant, on the western coast of Saudi Arabia, is planned to generate 1,200 megawatts of power per day.

ACWA has awarded a $1.65bn engineering, procurement and construction contract for the Rabigh plant to a Chinese consortium of Dongfang Electric and Sepco-III, Padmanathan said.

The contract will be signed this week, Padmanathan said.

ACWA is aiming to expand overseas this year and is eyeing projects in Abu Dhabi, Oman, Bahrain and Africa, he added. (Reuters)

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