Let me explain
The joint venture is delivering the plant turnkey for Al Mourjan Two for Electricity, the project company in which Acwa and Saudi Energy (formerly Saudi Electricity Co.) each hold 40%. The scope covers design through commissioning and performance testing, plus civil works and the connection to the national grid. The plant will run on six Siemens gas turbines and two steam turbines, and it is built to take a carbon capture unit later. Work is already more than 39% complete under a limited notice to proceed, and the signing marks the start of full-scale construction, with commercial operation targeted for May 2029. In April, Acwa and Saudi Energy signed a SAR 11.5bn power purchase agreement with the Saudi Power Procurement Company covering 31 years from commercial operation. The project reached financial close in early October with SAR 9.69bn (USD 2.58bn) in debt from 14 local, regional and international lenders. Rabigh 2 expands an existing 2.06 GW plant (EnterpriseAM, 15 October 2026; Elsewedy Electric PSP and Sinohydro press release, 13 October 2026).