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Saudi private power project developer Acwa Power has led a refinancing of the Rabigh 1 independent power producer (IPP) project on Saudi Arabia’s western coast. The project reached financial close in September 2009 and started commercial electricity generation in April 2013.
The 1.2GW Rabigh oil-fired plant was built at a total project cost of $2.5bn by Rabigh Electricity Company (Rabec), in which Acwa has 40% equity along with Korea’s Kepco (40%) and Saudi electricity utility SEC (20%).
Acwa says Rabigh 1 was the first Saudi IPP project to be procured without a sovereign guarantee. The company adds that it has now secured over $1.825bn of refinancing debt on a combined conventional and Islamic basis.
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