ACWA Power, SEC, and KEPCO have closed on two major IPP projects in Saudi Arabia, Rumah 1 and Nairyah 1, with a combined investment of $4bn and a total capacity of 3,600MW. The projects align with Saudi Vision 2030 and support ACWA Power’s net zero by 2050 goal and the country’s net-zero emissions commitment by 2060. Financing was secured from a consortium of local, regional, and international banks.

The Rumah 1 IPP Project in Riyadh Province and the Nairyah 1 IPP Project in the Eastern Province involve constructing 1,800MW CCGT power plants each, with investments of $2bn each. Ownership of Remal Energy Company and Naseem Energy Company is split between ACWA Power, SEC, and KEPCO. The projects are crucial for domestic energy production and international cooperation, designed for future adaptability and potential integration of carbon capture technology.

SEC subsidiary Energy Infrastructure Consortium Company’s acting CEO, Abdulrahim Alharbi, highlighted the strength of partnerships and the Kingdom’s credibility in attracting strategic investments in the energy sector with the successful financial closure of Rumah 1 and Nairyah 1 IPP projects. ACWA Power has also made agreements to develop a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe to reinforce the Kingdom’s commitment to global logistics connectivity through the India-Middle East-Europe economic corridor initiative.

Read more at Yahoo Finance: ACWA Power, SEC and KEPCO close on 3.6GW Saudi power projects