Aljomaih Energy & Water Company Achieves Financial Close for Taiba-2 and Qassim-2 Power Projects
In a groundbreaking development, Aljomaih Energy & Water Company, a prominent Saudi investor, developer, and operator of utilities and infrastructure projects, has successfully reached the financial close for the Taiba-2 and Qassim-2 Combined Cycle Gas Turbine (CCGT) power projects in the Kingdom of Saudi Arabia. This achievement comes in collaboration with consortium members Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group.
The financing for the two projects, totaling 3.96 GW in capacity, has been secured through a combination of equity bridge financing and senior debt provided by leading financial institutions such as Riyad Bank, Saudi Awwal Bank, Abu Dhabi Commercial Bank, and others, amounting to approximately USD 3.9 billion (equivalent to SAR 14.6 billion). This funding will play a crucial role in accelerating the development and deployment of the projects, which will be equipped with advanced technology to incorporate carbon capture, aligning with Saudi Arabia’s Vision 2030 and the Saudi Green Initiative.
With the latest HL-class gas turbines from Siemens, the Taiba-2 and Qassim-2 projects are set to generate around 2,000 MW of electricity each, contributing to the Kingdom’s energy transition goals. These projects are part of the Ministry of Energy’s initiatives to achieve a balanced energy mix for electricity production, with a focus on renewable energy sources and efficient gas-fired plants to reduce carbon emissions.
Chairman of the Board of Directors of Aljomaih Energy and Water Company, Ibrahim Al Jomaih, expressed his pride in leading the consortium for these pioneering projects, highlighting the collective efforts of all partners in delivering decarbonized power capacity to support Saudi Arabia’s electrical network. Ajlan Al-Ajlan, Chairman of the Board of Directors of Ajlan & Bros Group, emphasized the commitment to advancing the utility sector through strategic collaborations.
Mutlaq Alghwairi, Chairman of Buhur for Investment Company, reiterated the company’s dedication to supporting Saudi Vision 2030 through participation in major projects like Taiba-2 and Qassim-2. Beatrice Buffon, Vice President of the EDF Group, commended the Kingdom’s authorities for their trust in the consortium and highlighted the significance of integrating innovative technology for sustainable energy solutions.
The achievement of financial close for these projects signifies a significant milestone in the Kingdom’s energy sector development, paving the way for a more sustainable and efficient power generation infrastructure.
