ACWA Power

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Saudi Arabia's Rabigh 2 gas power expansion secures $2.58 billion financing

Holds 40% stake in Rabigh 2 expansion, co-developer

Saudi Arabia closed financing on October 1 for the Rabigh 2 power expansion, a 2,313.5-megawatt gas-fired plant in the kingdom's western province. A $2.2 billion construction contract was signed on October 13 with an Egyptian-Chinese joint venture, and construction is already more than 39% complete.

Updated Oct 14

World's largest solar-storage microgrid reaches full commercial operation in Saudi Arabia

Built World

Owner and operator of the Red Sea utility under a 25-year concession

Saudi Arabia's Red Sea destination now runs entirely on its own solar-and-battery microgrid, with no connection to the national grid. ACWA Power and its partners signed the project commercial operation date on September 6, 2026, starting a 25-year concession to supply power, water, wastewater treatment, district cooling, and waste management to the tourism site.

Updated Sep 7