ACWA Power, SEC, and KEPCO Finalize 3.6GW Power Projects in Saudi Arabia

Financial Closure Announcement: ACWA Power, Saudi Electricity Company (SEC), and Korea Electric Power Corporation (KEPCO) have achieved financial closure on two independent power projects in Saudi Arabia, Rumah 1 and Nairyah 1, with a total investment of SR15bn ($4bn).

Project Capacity and Goals: The projects will provide a combined capacity of 3,600MW, supporting Saudi Arabia's energy mix plan under Vision 2030, while also contributing to ACWA Power’s net-zero target by 2050 and the country's commitment to net-zero emissions by 2060.

Diverse Financing Sources: Funding for these projects comes from a consortium of local, regional, and international banks, highlighting investor confidence and the bankability of the projects aligned with global sustainability objectives.

Future Adaptability and International Cooperation: The projects are designed to potentially integrate carbon capture technology and are crucial for domestic energy production and international collaboration, including future agreements for green hydrogen and renewable energy exports to Europe.