The twin greenfield plants, totaling around 3.6 GW of capacity, will be built on a build‑own‑operate model, reflecting strong confidence among regional and international lenders. Senior debt accounts for over 80 % of the financing, underlining the projects’ robustness. Lending institutions include Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Saudi National Bank, Arab Petroleum Investments Corporation, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China and First Abu Dhabi Bank. This undertaking follows the signing of 25‑year power purchase agreements with the Saudi Power Procurement Company under the Ministry of Energy’s supervision.
Construction is being managed through a special purpose vehicle where Taqa holds a 49 % stake, Jera 31 %, and AlBawani 20 %. Engineering, procurement and construction contracts have been awarded to Harbin Electric International and China Tiesiju Civil Engineering Group. Siemens Energy has been appointed as original equipment manufacturer and will provide long‑term services under O\&M agreements.
The consortium emphasises that these plants are designed with future carbon capture integration in mind, aligning with the Ministry’s decarbonisation objectives under Vision 2030 and the Saudi Green Initiative’s target for net‑zero greenhouse gas emissions by 2060.
Farid Al Awlaqi, Chief Executive Officer of Taqa’s Generation business, described the financial close as a key milestone that bolsters the company’s global credentials in utility project delivery. He noted that early construction works are underway and praised the use of highly efficient CCGT turbines as a demonstration of the consortium’s commitment to both expansion and clean energy.
Steven Winn, Chief Global Strategist at Jera, welcomed the move as showcasing the group's development expertise and its contribution to ensuring sustainable energy supply in the Kingdom. Jera’s goal of achieving net‑zero emissions by 2050 remains integral to its involvement.
Eng. Fakher AlShawaf, Group Chief Executive of AlBawani Holding, called the financial close an important moment in the firm’s role supporting the energy transition in line with Vision 2030. He emphasised that the projects will deliver dependable, sustainable energy while contributing to Saudi Arabia’s broader growth objectives.
The deal marks a significant private-sector contribution to Saudi Arabia’s energy strategy, reinforcing its pursuit of an optimal energy mix, improved energy security, and decarbonisation. The technical specifications of the plants, especially provisions for carbon capture, underscore the Kingdom’s intent to modernise its power infrastructure while advancing sustainability goals.
Construction is ramping up, with early works nearing completion. As the projects progress, attention will likely shift to how the consortium balances operational efficiency, emissions reduction strategies, and local workforce development—an interplay central to Saudi Arabia’s evolving energy landscape.
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