ACWA, SEC, KEPCO Close on Two Power Plants in Saudi Arabia

ACWA Power, the Saudi Electricity Co. (SEC), and Korea Electric Power Corp. (KEPCO) reached financial close for the Rumah 1 and Nairyah 1 integrated power-plant (IPP) projects. Saudi Power Procurement Co. invested approximately USD $4 billion in the projects and will manage project tendering and power purchasing.

The Rumah 1 IPP project is a combined-cycle gas turbine power plant (CCGT) with 1,800-MW capacity in Saudi Arabia’s Riyadh Province. Remal Energy Co. will operate the plant, with an approximately USD $2 billion total investment value. Nairyah 1 is an 1,800-MW CCGT power plant in Saudi Arabia’s Eastern Province, operated by Naseem Energy Co. with an approximately USD $2 billion total investment value.

“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,” said Abdulrahim Alharbi, CEO of Energy Infrastructure Consortium Co. “These projects represent more than just additional capacity; they embody SEC’s strategic vision to deliver reliable, efficient, and environmentally responsible power solutions to support national development. By leveraging advanced technologies and fostering international collaboration, we are contributing to Saudi Arabia’s energy transition goals while enhancing the resilience and sustainability of our power system.”

Nairyah 1 IPP project | Image Credit: ACWA Power

With a combined capacity of 3,600 MW, the projects will help satisfy the Ministry of Energy’s energy-mix plan, deliver reliable power supply, and aligns with Saudi Vision 2030 and the net-zero emissions by 2060. These plants are also designed to enable carbon-capture integration.

“Securing financing from such a diverse group of lenders demonstrates the bankability of these projects and their alignment with global sustainability objectives,” said Thomas Brostrom, Chief Investment Officer, ACWA Power. “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.”

ACWA Partners with EthosEnergy

In late July 2025, NOMAC Maintenance Energy Services (NMES), the field service affiliate of Saudi-based ACWA Power, and EthosEnergy signed an agreement to provide end-to-end on-site rotating equipment services via an on-site rotor lifetime assessment and extension (RLE) solution for GE Frame 7E, EA, and FA gas turbines within the Kingdom of Saudi Arabia.

NMES and EthosEnergy will offer a fully integrated RLE solution that includes supply of seed rotors; full on-site rotor lifetime assessment and extension; on-site critical non-destructive testing and machining services; parts replacement and recertification; and open/close/inspect the unit as part of a hot gas path or a major inspection.

Saudi Arabian Investments

During a meeting between President Donald Trump and Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, GE Vernova announced an up to $14.2 billion investment in Saudi Arabia’s energy transition. With its energy equipment technology and associated services, GE Vernova will support numerous power generation and grid stability projects. This includes partnerships with Saudi Electricity Co., ACWA Power, Aramco, and Principal Buyer.