ACWA Power, SEC secure SAR 12.8B financing for Rumah 1, Nairyah 1 power projects

ACWA Power and Saudi Electricity Co. (SEC) announced the financial close of two gas-fired combined-cycle power plant projects — Rumah 1 and Nairyah 1, the companies said in two separate Tadawul statements.

The financing amounted to SAR 12.8 billion ($3.4 billion) and has a duration of around 28 years, starting Aug. 21, 2025.

The companies noted that the guarantees provided against the financing are limited to ACWA Power and SEC's shares of the bridge loan, early production revenues, reserve liquidity, and the reserve.

The financing was secured through a consortium of local, regional, and international lenders, as well as an export credit agency.

The consortium included the Export-Import Bank of Korea (KEXIM), Saudi National Bank (SNB), The Saudi Investment Bank (SAIB), Banque Saudi Fransi (BSF), Standard Chartered Bank, Bank of China, Agricultural Bank of China (ABC), Industrial and Commercial Bank of China (ICBC), and the Arab Petroleum Investments Corporation (APICORP).

The financing will be used to develop, construct, own, and operate two gas-fired combined-cycle power plants. Related parties include SNB, the statements added.

According to Argaam data, ACWA Power signed power purchase agreements (PPAs) last November

with the Saudi Power Procurement Co. (SPPC), the principal offtaker, for Rumah 1 and Nairyah 1. Each plant will have a production capacity of 1,800 MW, with a combined project value of SAR 15 billion.

Both ACWA Power and SEC own 35% stakes in each project, while KEPCO also holds stakes in both ventures.