Acwa Power has announced that one of its key affiliates - Hajar Two Electricity Company - has achieved a SAR10.8 billion ($2.9 billion) financial close for the Qurayyah Combined Cycle Gas Turbine (CCGT) Independent Power Plant (IPP) Expansion Project located in the Eastern Province of Saudi Arabia.

Once operational, the combined cycle power plant will boast a production capacity of 3,010 MW, said Acwa Power in its filing to Saudi bourse Tadawul.

Acwa Power’s effective shareholding in the project is 40 per cent.

Its scope of work work includes development, construction, owning and operation of a combined cycle gas turbine (CCGT) facility.