Firms achieve financial close for $4b projects in S.Arabia

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

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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.