Acwa Power and Saudi Electricity Company ( SEC ), in collaboration with Korea Electric Power Corporation ( Kepco ), have reached financial close for Rumah 1 and Nairyah 1 combined-cycle gas-fired power plants in Saudi Arabia.

The total investment value of the independent power producer ( IPP ) projects is about 15 billion riyals ( US$4 billion ).

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.

Saudi Power Procurement Company is the principal buyer, responsible for project tendering and power purchase. Ownership of the two project companies – Remal Energy Company and Naseem Energy Company – is shared by Acwa Power ( 35% ), SEC ( 35% ), and Kepco ( 30% ).

With a combined capacity of 3,600 megawatts, these projects directly contribute to the Ministry of Energy’s optimal energy mix plan, aiming to secure reliable power supply and maximize local content contribution in line with Saudi Vision 2030. The projects also support the kingdom's aim to reach net-zero emissions by 2060 and Acwa Power’s own 2050 net-zero target.

The design of these plants allows for the future integration of carbon capture facilities, further solidifying the kingdom’s commitment to ensuring flexibility and innovation in the energy sector.