ACWA Power, SEC and KEPCO announces Financial Close for Rumah 1 and Nairyah 1 IPP Projects

ACWA Power and Saudi Electricity Company (SEC), in collaboration with Korea Electric Power Corporation (KEPCO), have announced the Financial Close for the Rumah 1 and Nairyah 1 IPP projects, with a total investment value of approximately SAR 15 billion (USD 4 billion).

The Saudi Power Procurement Company (SPPC) serves as the Principal Buyer for the projects, overseeing the tender process and electricity offtake. Ownership of the project companies—Remal Energy Company and Naseem Energy Company—is divided among ACWA Power (35%), Saudi Electricity Company (35%), and Korea Electric Power Corporation (30%). Financing was arranged through a consortium of local, regional, and international lenders, supported by an export credit agency. The lending group comprises the 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 the 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 total investment value of approximately SAR 7.5 billion (USD 2 Billion). In addition, Nairyah 1 IPP Project includes the construction of Nairyah 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 a total investment value of approximately SAR 7.5 billion (USD 2 billion).