PRESSR: ACWA Power, SEC, and KEPCO successfully achieved financial close for 3,600 MW Rumah 1 and Nairyah 1 power projects in Saudi Arabia
ACWA 2082.SA | 0.00 |
Riyadh, Kingdom of Saudi Arabia: ACWA Power, and Saudi Electricity Company (SEC) in collaboration with Korea Electric Power Corporation (KEPCO), today announced the Financial Close for Rumah 1 and Nairyah 1 IPP projects, with a total investment value of approximately SAR 15 billion (USD 4 billion).
Saudi Power Procurement Company (PRINCIPAL BUYER) 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 the Ministry of Energy’s optimal energy mix plan, aiming to reliably secure power supply and maximize local 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 ensuring flexibility and innovation in the Kingdom’s energy sector.
The financing was secured from 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.
Commenting on the funding, Thomas Brostrom, Chief Investment & Development Officer at ACWA Power, said: “The successful achievement of financial closure of the Rumah 1 and Nairyah 1 IPP projects underscores the investor confidence in ACWA Power's strategic vision and our proven track record in delivering sustainable power solutions. Securing financing from such a diverse group of lenders demonstrates the bankability of these projects and their alignment with global sustainability objectives. We are particularly pleased with the inclusion of export credit financing, which further validates the international significance of these projects. This financial achievement reinforces our commitment to providing reliable and cost-effective power while actively pursuing innovative solutions for a cleaner energy future."
Abdulrahim Alharbi, Acting CEO of Energy Infrastructure Consortium Company (EICC) – a subsidiary of Saudi Electricity Company (SEC), added:" The successful financial closure of the Rumah 1 and Nairyah 1 IPP projects is a testament to the strength of our partnerships and the Kingdom’s credibility in attracting strategic investments in the energy sector. These projects represent more than just additional capacity; they embody SEC’s strategic vision to deliver reliable, efficient, and environmentally responsible power solutions to support national development. By leveraging advanced technologies and fostering international collaboration, we are contributing to Saudi Arabia’s energy transition goals while enhancing the resilience and sustainability of our power system. We are proud to be at the forefront of delivering on Vision 2030’s priorities and creating long-term value for our stakeholders.
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).
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.
About ACWA Power
ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 108 projects in operation, advanced development, or under construction with an investment value of SAR 428 billion (USD 114 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.
Learn more: www.acwapower.com
ACWA Power Media contacts:
Mohammed Al Hasan – Acting Director – Media Affairs & External Comms
Moalhasan@acwapower.com
media.inquiries@acwapower.com
Media Inquiries
media.inquiries@acwapower.com
About SEC
Saudi Electricity Company plays a vital role by supplying the Kingdom with energy according to the highest reliability standards. The company is considered the primary service provider of electricity in the Kingdom. The major shareholders are the Public Investment Fund (PIF) and Saudi Aramco, holding 74.3% and (6.9%) stake respectively. SEC strives to meet the needs and expectations of the shareholders. We protect their rights, facilitate their accessibility to the information, and improve the communication channels, as we also encourage investing in investment portfolios.
Learn more: www.sec.com.sa
Media Inquiries
Media@se.com.sa
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.