Funding secured for two power plants: An Acwa Power -led consortium, along with Saudi Electricity Company (SEC) and Korea Electric Power Corporation (Kepco), secured SAR 12.8 bn in senior debt financing for the establishment of Rumah-1 inRiyadh and Al Nairyah-1 in the Eastern Province, Trade Arabia reported on Thursday.

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Who’s in? The financing came from 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.

About the projects: The two large-scale combined cycle gas turbine power plants — costing a combined SAR 15 bn — will each boast a production capacity of 1.8 MW, making up for nearly 2.5% of the national grid’s capacity.

Who owns what? Saudi Power Procurement Company (SPPC) is the principal buyer for both projects, with Acwa Power and SEC each holding a 35% stake, while Kepco will obtain the remaining 30%. With a combined financing of SAR 6.4 bn each, Remal Energy Company will operate Rumah-1 plant, while Naseem Energy Company will take over Nairyah-1.

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