No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Monday, October 27, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

ACWA Power, SEC and KEPCO close on 3.6GW Saudi power projects

by TheAdviserMagazine
2 months ago
in Business
Reading Time: 3 mins read
A A
ACWA Power, SEC and KEPCO close on 3.6GW Saudi power projects
Share on FacebookShare on TwitterShare on LInkedIn


ACWA Power, the Saudi Electricity Company (SEC) and the Korea Electric Power Corporation (KEPCO) have announced financial close on two major independent power producer (IPP) projects in Saudi Arabia.

Rumah 1 and Nairyah 1 represent a combined investment of SR15bn ($4bn).

With a total capacity of 3,600MW, the projects align with the Kingdom’s energy mix plan to ensure a reliable power supply and enhance local content, set out in the Saudi Vision 2030.

The projects further support ACWA Power’s own target of net zero by 2050 and the country’s commitment to net-zero emissions by 2060.

Financing for these projects was sourced from a consortium of local, regional and international banks, including an export credit agency.

The lenders are the Agricultural Bank of China, Arab Petroleum Investments, the Bank of China, Banque Saudi Fransi, the Industrial and Commercial Bank of China, the Export-Import Bank of Korea, the Saudi Investment Bank, the Saudi National Bank and Standard Chartered Bank.

ACWA Power chief investment officer Thomas Brostrom stated: “The successful achievement of 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.”

The Rumah 1 IPP Project, situated in Riyadh Province, involves constructing a 1,800MW combined cycle gas turbine (CCGT) power plant, managed by Remal Energy Company, with an investment of $2bn.

The Nairyah 1 IPP Project will see the construction of a 1,800MW CCGT power plant in the Eastern Province, operated by Naseem Energy Company, also with an investment of $2bn.

Ownership of the Remal Energy Company and the Naseem Energy Company is divided between ACWA Power (35%), SEC (35%) and KEPCO (30%).

These projects are pivotal for domestic energy production and international cooperation.

The projects are designed with future adaptability in mind, allowing for the potential integration of carbon capture technology.

The Saudi Power Procurement Company is tasked with project tendering and power purchase and will be the principal buyer for the projects.

Story Continues

SEC subsidiary Energy Infrastructure Consortium Company acting CEO Abdulrahim Alharbi stated: “The successful financial closure of the Rumah 1 and Nairyah 1 IPP projects is a testament to the strength of our partnerships and the Kingdom’s credibility in attracting strategic investments in the energy sector.”

In Jul 2025, ACWA Power made agreements and entered memoranda of understanding with global partners to develop a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.

The move is part of an initiative to reinforce the Kingdom’s commitment to global logistics connectivity through the India-Middle East-Europe economic corridor initiative.

“ACWA Power, SEC and KEPCO close on 3.6GW Saudi power projects” was originally created and published by Power Technology, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.



Source link

Tags: 3.6GWACWAcloseKEPCOPowerProjectsSaudiSEC
ShareTweetShare
Previous Post

Cigarette Taxes in Europe, 2025

Next Post

How to Get Your Free IRS Identity Protection PIN Now

Related Posts

edit post
Barclays re-enters Saudi Arabia 11 years after exiting business

Barclays re-enters Saudi Arabia 11 years after exiting business

by TheAdviserMagazine
October 27, 2025
0

Barclays Plc is returning to Saudi Arabia after an 11-year absence, marking both a strategic expansion for the British lender...

edit post
Coforge shares rally 6% after Q2 net profit rockets 86% YoY. Should you buy, sell or hold?

Coforge shares rally 6% after Q2 net profit rockets 86% YoY. Should you buy, sell or hold?

by TheAdviserMagazine
October 26, 2025
0

Shares of mid-tier IT services company Coforge rallied 6% to their day's high of Rs 1,867 on Monday, October 27,...

edit post
Milei’s party on track to win Argentina election in big comeback

Milei’s party on track to win Argentina election in big comeback

by TheAdviserMagazine
October 26, 2025
0

President Javier Milei’s party is on track to finish first in Argentina’s midterm vote in early counting, putting the libertarian...

edit post
What Saudi Arabia and Bangladesh can teach Silicon Valley

What Saudi Arabia and Bangladesh can teach Silicon Valley

by TheAdviserMagazine
October 26, 2025
0

The way Saudi entrepreneur Mohammed Aldossary sees it, innovators are animated by the same motivations whether they are in Silicon...

edit post
Here are the major earnings before the open Monday

Here are the major earnings before the open Monday

by TheAdviserMagazine
October 26, 2025
0

Oct. 26, 2025 6:00 PM ETCAJPY, PKX, RVTY, ARLP, CRI, BOH, DQ, DEA, KDPBy: Deepa Sarvaiya, SA News EditorMajor earnings...

edit post
Bed Bath & Beyond Q3 2025 Earnings Preview (BBBY:NYSE)

Bed Bath & Beyond Q3 2025 Earnings Preview (BBBY:NYSE)

by TheAdviserMagazine
October 26, 2025
0

Bed Bath & Beyond (NYSE:BBBY) is scheduled to announce Q3 earnings results on Monday, October 27th, after market close. The...

Next Post
edit post
How to Get Your Free IRS Identity Protection PIN Now

How to Get Your Free IRS Identity Protection PIN Now

edit post
Protesters calling for release of hostages again block roads

Protesters calling for release of hostages again block roads

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
You’ve Just Stolen a Priceless Artifact – What Happens Next?

You’ve Just Stolen a Priceless Artifact – What Happens Next?

0
edit post
Key highlights from Hasbro’s (HAS) Q3 2025 earnings results

Key highlights from Hasbro’s (HAS) Q3 2025 earnings results

0
edit post
What Happens When You Don’t Report Your Crypto Taxes to the IRS

What Happens When You Don’t Report Your Crypto Taxes to the IRS

0
edit post
Barclays re-enters Saudi Arabia 11 years after exiting business

Barclays re-enters Saudi Arabia 11 years after exiting business

0
edit post
How to Make Quick Bucks with Pick-Up Trucks

How to Make Quick Bucks with Pick-Up Trucks

0
edit post
Dan Hotels buys New York’s Nomo Soho hotel

Dan Hotels buys New York’s Nomo Soho hotel

0
edit post
You’ve Just Stolen a Priceless Artifact – What Happens Next?

You’ve Just Stolen a Priceless Artifact – What Happens Next?

October 27, 2025
edit post
Barclays re-enters Saudi Arabia 11 years after exiting business

Barclays re-enters Saudi Arabia 11 years after exiting business

October 27, 2025
edit post
What Happens When You Don’t Report Your Crypto Taxes to the IRS

What Happens When You Don’t Report Your Crypto Taxes to the IRS

October 27, 2025
edit post
The Core Of The Peace Proposal

The Core Of The Peace Proposal

October 27, 2025
edit post
Coforge shares rally 6% after Q2 net profit rockets 86% YoY. Should you buy, sell or hold?

Coforge shares rally 6% after Q2 net profit rockets 86% YoY. Should you buy, sell or hold?

October 26, 2025
edit post
Milei’s party on track to win Argentina election in big comeback

Milei’s party on track to win Argentina election in big comeback

October 26, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • You’ve Just Stolen a Priceless Artifact – What Happens Next?
  • Barclays re-enters Saudi Arabia 11 years after exiting business
  • What Happens When You Don’t Report Your Crypto Taxes to the IRS
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.