US$3.4 billion Senior Debt Finance Secured for 3,600 MW Rumah 1 and Nairyah 1 Power Projects in Saudi Arabia

ACWA Power and Saudi Electricity Company (SEC), in collaboration with Korea Electric Power Corporation (KEPCO), 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 the 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%). 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.