In a stride towards bolstering Saudi Arabia’s energy infrastructure, Aljomaih Energy & Water Company, in collaboration with Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group, has announced the successful financial closure of the Taiba-2 and Qassim-2 combined cycle gas turbine (CCGT) power projects. These projects, boasting a total capacity of 3.96 gigawatts (GW), represent a crucial advancement in the Kingdom’s energy sector.
The financing, totaling approximately $3.9 billion (equivalent to SAR 14.6 billion), has been secured through Equity Bridge Financing and Senior Debt facilitated by a consortium of leading financial institutions including Riyad Bank, Saudi Awwal Bank, and Abu Dhabi Commercial Bank, among others. This substantial investment underscores Saudi Arabia’s commitment to enhancing its electricity generation capabilities and aligning with sustainable energy goals.
The Taiba-2 and Qassim-2 projects are pivotal in Saudi Arabia’s Vision 2030 and the Saudi Green Initiative, aimed at diversifying the energy mix and reducing carbon emissions. Equipped with advanced HL-class gas turbines from Siemens, along with steam turbines and generators, each project is set to generate around 2,000 megawatts of electricity, contributing significantly to the Kingdom’s power supply.
Ibrahim Al Jomaih, Chairman of Aljomaih Energy and Water Company, expressed pride in leading these pioneering projects, emphasizing their role in advancing the circular carbon economy. He noted, “Achieving Financial Close for Taiba-2 and Qassim-2 underscores our capability as a developer and reinforces our commitment to Saudi Arabia’s energy future.”
Ajlan Al-Ajlan, Chairman of Ajlan & Bros Group, highlighted the strategic importance of these projects in advancing the Kingdom’s utility sector and supporting sustainable development goals. “This collaboration exemplifies our dedication to Saudi Arabia’s Vision 2030,” he affirmed.
Mutlaq Alghwairi, Chairman of Buhur for Investment Company, echoed these sentiments, expressing gratitude for the opportunity to contribute to such significant projects early in the company’s tenure. He emphasized their commitment to Saudi Vision 2030 and future opportunities in mega-project implementation.
Beatrice Buffon, Vice President of the EDF Group, commended the Kingdom’s support and trust in their consortium to pioneer these critical projects. She underscored the integration of cutting-edge technology to enhance efficiency and reliability while actively reducing carbon emissions.
