Islamic finance awards 2012: Best project finance deal

In September a consortium led by Saudi-based Acwa Power entered into an agreement to proceed with the construction of what is set to be the world’s largest independent power generation project: Qurayyah Independent Power Project. The project will be located on the eastern coast of Saudi Arabia, adjacent to facilities owned by Saudi Electricity Company, and will operate on a build, own and operate basis. The electricity generated will be delivered to Saudi Electricity Company under a 20-year power purchase agreement starting in June 2014. The project reflects growing demand for energy in the Middle East, where consumption grew from 0.7% of world totals in 1973 to 4.7% in 2009.