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

MENAFN - Arab News - 28/12/2013
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(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."


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