5 Capitals has supported ACWA Power since SEC first issued the RFP in early 2011. The project was originally intended to be Phase 1 (2,000MW) and the initial planning and environmental studies (Scoping and Preliminary Environmental Assessment) responded to this RFP. ACWA Power was awarded the Phase 1 Project in the summer of 2011, but this quickly developed into a fast track opportunity to develop twin phases in parallel (hence the 4,000 MW Plant).
5 Capitals responded quickly with the ACWA Power team to identify an optimum solution to comply with National (PME) standards and Equator Principles II, World Bank/IFC, for the initial 2,000MW plant but also two further options of 2,600 MW and 4,000MW plants. Three alternative SEA reports were prepared in parallel, including relevant marine and air modelling studies so that an immediate submission could be achieved once SEC confirmed the approved scheme.
5 Capitals made a technical presentation to PME who (based on 5 Capitals presentation) supported the single 4,000 MW scheme due to the reduced environmental impacts from the use of common facilities and one construction programme. 5 Capitals liaised closely with Fichtner (SEC’s Technical Advisor) to agree upon the final marine and air modelling results and confirm compliance of ACWA Power (Samsung) design.
5 Capitals also worked closely with ACWA Team to address clarifications raised by the Export Credit Agency US Ex Im ensuring all environmental issues were closed out before the target Financial Close. This was achieved on time and within budget and the construction of Qurayyah IPP (4,000MW) Plant commenced within 12 months of the bid process.
Qurayyah IPP is the largest and most environmentally efficient gas-fired plant in the Middle East with the lowest CO2 emissions in the Kingdom relative to its power output.
5 Capitals is currently undertaking the Construction Environmental Audits on behalf of ACWA Power Project Company – Hajr – on behalf of the Lenders and PME.