Saudi Arabia’s Acwa Power is due to complete the financing for the $2.8bn Qurayyah independent power project (IPP) in November, according to sources close to the project.

The deal will be funded by a group of commercial banks and export credit agencies including the local National Commercial Bank, Samba and Banque Saudi Fransi, Japan’s Sumitomo Mitsuibishi Banking Corporation (SMBC), the UK’s HSBC and Standard Chartered, the Export-Import Bank of the US (US Exim)

Acwa had been planning to close the financing for the project by the end of October, but this has slipped slightly behind schedule (MEED 23:09:11).

“We hope to close this deal in November, but it may slip into December. Everything is in place, we are just waiting for US Exim to get approvals from the US government for their commitments to the project,” says one banker close to the project.