ACWA Power and Saudi Electricity Company (SEC), in partnership with Korea Electric Power Corporation (KEPCO), have announced the signing of senior debt financing agreements for the Rumah 1 and Nairyah 1 Independent Power Producer (IPP) projects. The total senior debt raised amounts to SAR 12.8 billion (USD 3.4 billion).
The Saudi Power Procurement Company (SPPC) serves as the principal buyer for both projects, overseeing the tendering process and power offtake. Project ownership is split among ACWA Power (35%), SEC (35%), and KEPCO (30%) through the project companies Remal Energy Company and Naseem Energy Company.
With a combined generation capacity of 3,600 MW, the projects are a key part of the Ministry of Energy’s optimal energy mix strategy, aimed at ensuring reliable power supply and boosting local content in alignment with Saudi Vision 2030. They also contribute to the Kingdom’s ambition to achieve net-zero emissions by 2060, as well as ACWA Power’s own goal of reaching net zero by 2050. “ The successful dry 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, ” said ThomasBrostrom, Chief Investment Officer of ACWA Power.
