24 Aug 2025
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity Company (“SEC”) announces achieving Financial Close for Two (2) Large-Scale Combined Cycle Gas Turbine (“CCGT”) Power Plants, namely Rumah-1 and Al-Nairyah-1, located in the Riyadh province and Eastern province of Saudi Arabia, with a total production capacity of 1,800 MW for each plant. SEC’s effective shareholding in each project is 35%. |
| Date of obtaining the funding | 2025-08-21 Corresponding to 1447-02-27 |
| Financing entity | The financing was secured by a group of local, regional, and international lenders, along with an export credit agency. The lending group includes Export-Import Bank of Korea (KEXIM), Saudi National Bank, Saudi Investment Bank, Banque Saudi Fransi, Standard Chartered Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and Arab Petroleum Investments Corporation. |
| Financing amount. | SAR 12.8 billion (USD 3.4 billion). |
| Financing duration. | Approximatively 28 years. |
| Guarantees offered for the financing | For Saudi Electricity Company, limited to its equity bridge loan, early generation revenue amount, standby equity and reserve account. |
| Financing objective | Development, Build, Own and Operate of Two Combine Cycle Power Plants. |
| Related Parties | 1- ACWA Power Co. 2- Saudi National Bank. |
