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DEAL ANALYSIS: Qurrayah IPP

17 January 2012

ACWA Power’s ability to win an independent power project in Saudi Arabia – its own back yard – is undisputed, but in winning its latest 3,927MW project, the largest IPP in the world, the ACWA Power-led consortium beat its rivals by a considerable distance. The scope of the project, which is essentially two IPPs in one, came about because ACWA Power had the wherewithal and audacity to submit a dual bid to the grantor, the Saudi Electricity Company. The bid blew all competitors out of the water and saved SEC the trouble of tendering a Qurayyah 2. In November 2010, the SEC issued a request for proposals for a 2,000 MW gas-fired power plant at Qurayyah on the eastern coast of Saudi Arabia, next to existing SEC facilities. A consortium led by ACWA Power, including Samsung C&T and MENA Infrastructure Fund submitted a bid on 26 March that proved to...

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