Saudi Electricity Company (SEC) has announced it has reached financial close for two large-scale combined cycle gas turbine power plants in Saudi Arabia. The projects, named Rumah-1 and Al-Nairyah-1, are located in the Riyadh and Eastern provinces, respectively. Each plant will have a production capacity of 1,800 megawatts, bringing the total capacity to 3,600 megawatts. SEC holds a 35% effective shareholding in each project.
The financing was secured on August 21, 2025, with support from a group of local, regional, and international lenders as well as 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.
The total amount raised for the projects is SAR 12.8 billion (USD 3.4 billion), with an approximate financing duration of 28 years. Guarantees offered by SEC are limited to its equity bridge loan, early generation revenue amount, standby equity and reserve account.
The objective of the financing is to develop, build, own and operate the two combined cycle power plants. Related parties involved include ACWA Power Co. and Saudi National Bank.
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