ACWA Power, SEC, and KEPCO Achieve Financial Close on SAR 15 Billion Rumah 1 and Nairyah 1 IPP Projects in Saudi Arabia

ACWA Power, Saudi Electricity Company (SEC), and Korea Electric Power Corporation (KEPCO) announced the successful financial close of the Rumah 1 and Nairyah 1 Independent Power Producer (IPP) projects, with a total investment of approximately SAR 15 billion (USD 4 billion).

Saudi Power Procurement Company (SPPC) will act as the principal buyer for the projects, overseeing tendering and power offtake. Ownership of the 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%).

Together, the two plants will deliver a combined capacity of 3,600 MW, contributing directly to the Ministry of Energy’s optimal energy mix strategy. The projects will enhance grid reliability, strengthen local content participation, and advance the Kingdom’s Vision 2030 goals. Both initiatives also align with Saudi Arabia’s target of net-zero emissions by 2060 and ACWA Power’s commitment to achieve net zero by 2050. Designed with future-readiness in mind, the facilities are capable of integrating carbon capture technologies, reinforcing their role in building a flexible and innovative energy sector.