Aljomaih Energy & Water Co. and its consortium members Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group, achieved the financial close of the Taiba-2 and Qassim-2 Combined Cycle Gas Turbine (CCGT) independent power plant (IPP) projects with a total capacity of 3.96 GW, in Saudi Arabia.

In a statement, Aljomaih said the two projects have been financed through a combination of equity bridge financing and senior debt, secured by Riyad Bank, Saudi Awwal Bank, Abu Dhabi Commercial Bank, Banque Saudi Fransi, Arab Petroleum Investment Corporation (APICORP), Saudi Investment Bank, Bank Al Jazira, Commercial Bank of Dubai, and First Abu Dhabi Bank, for nearly $3.9 billion (or SAR 14.6 billion).

The financing will be instrumental in accelerating the development and deployment of the Taiba-2 and Qassim-2 projects, which will be the first two projects in the Kingdom with a provision for carbon capture in line with the Kingdom’s Vision 2030 and the Saudi Green Initiative. The projects will be equipped with the latest HL-class gas turbines from the German company Siemens, in combination with steam turbines and generators, which will generate approximately 2,000 MW of electricity per project.

The Taiba 2 and Qassim 2 IPPs are part of the electricity sector projects in the Kingdom, overseen by the Ministry of Energy, in the sector’s journey towards achieving the goals of the optimal energy mix for electricity production (50% renewable energy and 50% energy produced from highly efficient gas-fired plants), and the displacement of liquid fuels of power plants and reduction of carbon dioxide emissions by up to 278 million tons annually by 2030 in alignment with the circular carbon economy approach.