The deals, signed through Qudra One for Electricity Co., will last 28 years and were funded by international and local commercial lenders, including Standard Chartered Bank, Bank of China, Riyad Bank, Saudi National Bank, Alinma Bank, Saudi Investment Bank, and Saudi Awwal Bank.

The Qassim plant has a capacity of 1,800 megawatts, and the Taiba plant also has a capacity of 1,800 MW.

ACWA Power signed two deals worth SR5.69 billion ($1.5 billion) with Taiba 1 CCGT Project Co. and Sidra One for Electricity Co. in Saudi Arabia.

The term of the deals is 28 years and they were signed with eight banks, including Standard Chartered Bank, Bank of China, and Riyad Bank.

ACWA Power holds a 40 percent stake in Qudra Co. and Sidra One, and Saudi National Bank and Saudi Electricity Co. are related parties in both financing agreements.

The deals are backed by various guarantees and ACWA Power has shown interest in investing $10 billion in Malaysia over the next 10 years to develop renewable energy projects, collaborating with Cypark Resources Bhd on the developments.

Malaysian Prime Minister Anwar Ibrahim announced on Facebook that Saudi firm ACWA Power is prepared to collaborate with strategic partners in Malaysia to develop renewable energy projects in various states.

In April, ACWA Power signed agreements with Azerbaijan's state oil company SOCAR to enhance its carbamide fertilizer facility with low-carbon products, and with the International Renewable Energy Agency to accelerate global clean energy adoption.

ACWA Power, a utility developer, has entered into a partnership with IRENA (International Renewable Energy Agency) to collaborate on various renewable energy initiatives.

The collaboration includes sharing knowledge on infrastructure investment, green hydrogen progress, solar energy, and the energy-water nexus.

Additionally, they will explore financing and investment opportunities for renewable projects and supporting infrastructure for clean energy development, storage, distribution, and transmission.