ACWA Power, and Saudi Electricity Company (SEC) in collaboration with Korea Electric Power Corporation (KEPCO), today announced the signing of senior debt financing documents for Rumah 1 and Nairyah 1 IPP projects, with a total senior debt amount of SAR 12.8 billion (USD 3.4 billion).

Saudi Power Procurement Company (SPPC) is the Principal Buyer for the projects, responsible for project tendering and purchase of power. Ownership of the two project companies, Remal Energy Company and Naseem Energy Company, is shared between ACWA Power (35%), Saudi Electricity Company (35%), and Korea Electric Power Corporation (30%).

With a combined capacity of 3,600 MW, these projects directly contribute to Ministry of Energy’s optimal energy mix plan, aiming to reliably secure power supply and maximizelocal content contribution in line with Saudi Vision 2030. Furthermore, these projects support the Kingdom's aim for net-zero emissions by 2060 and ACWA Power’s own target of net zero by 2050. The inherent design of these plants allows for the future integration of carbon capture facilities, further solidifying the commitment to flexibility and innovation in the Kingdom’s energy sector.

The financing was secured by a group of local, regional, and international lenders, along with an export credit agency. The lending group includes Export Import Bank of Korea (KEXIM), Saudi National Bank, Saudi Investment Bank, Banque Saudi Fransi, Standard Chartered Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and Arab Petroleum Investments Corporation.

The Rumah 1 IPP Project includes the construction of a combined cycle gas turbine (CCGT) power plant with a capacity of 1,800 MW in Saudi’s Riyadh Province. The plant will be operated by Remal Energy Company as the project company, with a combined financing of SAR 6.4 billion (USD 1.7 Billion).

In addition, Nairyah 1 IPP Project includes the construction of Naryah 1 CCGT Power Plant with a capacity of 1,800 MW in the Eastern Province of Saudi Arabia. Naseem Energy Company will serve as the project company, with combined financing of SAR 6.4 billion (USD 1.7 billion).

ACWA Power the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen. Meanwhile, the Saudi Electricity Company (SEC) is the primary source of electricity in the Kingdom, playing a vital role by supplying the nation with electric power according to the highest standards of reliability and dependability.