RIYADH: Saudi utility firm ACWA Power has finalized SR12.8 billion ($3.4 billion) in non-recourse financing to build two large-scale gas-fired power plants, bolstering the Kingdom’s generation capacity as electricity demand rises.
The facilities, which include Rumah-1 in the Riyadh region and Al-Nairiyah-1 in the Eastern Province, will each produce 1,800 megawatts, adding a combined 3.6 gigawatts to the grid.
ACWA Power will hold a 35 percent stake in both plants, with Saudi Electricity Co. also holding 35 percent and Korea Electric Power Corp. owning the remaining 30 percent, according to a regulatory filing on Tadawul.
The financial close, completed on Aug. 21 following an initial announcement in July, includes a 28-year debt package arranged by a consortium of lenders.
“The lending group includes Export-Import Bank of Korea, 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 statement said.
