# Rabigh 2 expansion reaches $2.58bn financial close

> The 2,313.5 MW Rabigh 2 combined-cycle gas project has secured financing for its expansion in Saudi Arabia.

- **Source date:** 2026-10-05
- **Original source:** [MEED](https://www.meed.com/rabigh-2-ipp-expansion-secures-258bn-financing)
- **Reading time:** 1 min
- **Language:** en
- **URL:** https://voltformer.com/news/rabigh-2-ipp-financial-close-october-2026
- **Markdown:** https://voltformer.com/news/rabigh-2-ipp-financial-close-october-2026.md

## Financing for new generation

MEED reported on 5 October that Al Morjan Two Electricity Company reached financial close for the Rabigh 2 independent power project expansion. The financing package is reported at \$2.58 billion.

[MEED](https://www.meed.com/rabigh-2-ipp-expansion-secures-258bn-financing)

## Capacity addition

The combined-cycle gas turbine expansion is expected to add about 2.3 GW of generation capacity. The close marks a financing milestone; the report does not describe the plant as operational.

[MEED](https://www.meed.com/rabigh-2-ipp-expansion-secures-258bn-financing)

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