ACWA Power-led JV achieves financial close for $12bn project – MEP MiddleEast

ACWA Power-led JV achieves financial close for $12bn project – MEP MiddleEast

The leading developer, investor, and operator of power generation, desalinated water, and green hydrogen plants in the region, ACWA Power, has achieved financial close and has acquired the first group of assets for the Jazan integrated gasification combined cycle (IGCC) project.

The project is a $12bn joint venture (JV) agreement between Aramco, ACWA Power, Air Products, and Air Products Qudra

The JV will complete the commissioning and testing and commence operating, and maintaining the plant to supply power, steam, hydrogen, and other utilities for Aramco’s Jazan refinery, under a 25-year contract with Aramco.