The Qurayyah CCGT Project highlights Saudi Arabia’s rapid energy transformation under Vision 2030. ACWA Power is leading this shift, moving the Kingdom from oil-based power generation toward cleaner gas and renewable energy solutions. The project demonstrates how advanced technology and smart investment can support both sustainability and long-term energy security.
Saudi Arabia is determined to replace oil with cleaner power sources. By 2030, the Kingdom plans to generate half its electricity from gas and half from renewables. The Qurayyah CCGT Project plays a vital role in achieving this balance while cutting carbon emissions by 1.5 million tons each year.
The Qurayyah Independent Power Plant expansion, located in the Eastern Province, adds 3 GW of capacity. The plant uses advanced GE Vernova turbines, including three 7HA.03 and two 7HA.02 units. Its design includes readiness for carbon capture technology, keeping the project aligned with Saudi Arabia’s net-zero target for 2060.
ACWA Power partnered with Técnicas Reunidas and Orascom Construction to deliver this massive project. Financing reached SAR13.4 billion ($3.57 billion) with a 40-40-20 equity split between ACWA Power, the Saudi Electricity Company, and Haji Abdullah Alireza & Co. Debt support came from major lenders, including Saudi National Bank and KEXIM.
Moreover, the project signed a 50-year Power Purchase Agreement in February 2025. This ensures steady revenue while protecting investors from risk. The structure creates confidence for both regional and international stakeholders.
The Qurayyah CCGT Project is not a stand-alone achievement. ACWA Power also leads similar ventures like Rumah 1 and Nairyah 1 CCGT plants, adding 3,600 MW of new capacity. These projects are supported by a $3.4 billion syndicated loan and strong regional partnerships.
ACWA Power’s dual position in both gas and renewable markets gives it unique strength. The company bridges traditional and emerging energy models, offering resilience against oil market volatility. This positioning makes ACWA Power central to the Kingdom’s clean energy transition.
In conclusion, the Qurayyah expansion sets a model for the Middle East’s energy future. It combines innovative design, financial strength, and environmental responsibility. The project shows how Saudi Arabia’s Vision 2030 is becoming reality through effective execution and strategic leadership.
