Taqa consortium secures $4 billion funding for two Saudi power plants

A consortium led by Abu Dhabi National Energy Company (TAQA) has secured $4 billion in financing for two new power plants in Saudi Arabia, supporting the kingdom’s efforts to meet growing energy demand. The consortium—which includes TAQA, Japan’s largest power generation company JERA, and Saudi Arabia’s Al-Bawani Capital—has reached financial close for the development of the Rihab El-Awal Power Company and Nawras Power Company, TAQA announced on Wednesday. The financing follows the signing of two 25-year power purchase agreements. The Greenfield Combined Cycle Gas Turbine (CCGT) plants will provide approximately 3.6 gigawatts of electricity generation capacity.