Acwa Power secures USD 3.4bn to build two Saudi power plants

 

Saudi Acwa Power raised SAR12.8 billion (USD 3.4 billion) from a group of domestic and foreign lenders to fund the building of two big gas-fired combined-cycle power plants, the company reported in a stock exchange filing.

The projects — Rumah 1 in Riyadh and Nairiyah 1 in the Eastern Province will boast an aggregate generation capacity of 3,600 megawatts (MW).

Acwa Power will develop, build, own, and operate the facilities, keeping a 35 percent equity stake.

The Saudi Electricity Company and Korea Electric Power Corporation will each take a 35 percent and 30 percent stake, respectively. 

Key Highlights:

• Acwa Power raises SAR12.8bn (USD 3.4bn) to build two gas-fired plants
• Projects Rumah 1 and Nairiyah 1 to add 3,600 MW capacity
• CEO targets USD 250bn valuation by 2030 and PIF holds 44.16 percent stake

The lending parties are the 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 the Arab Petroleum Investments Corporation.

Acwa Power CEO Marco Arcelli said the transaction highlighted the momentum of the company's digital transformation and growth. "We have doubled the size of the company in the last three years and we are still firmly on track to double it again over the next five, hitting our USD 250 billion target by 2030," he added.

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In the first half of 2025, the firm posted a 2 percent year-over-year fall in net profit to SAR909 million (USD 242 million), even as revenues climbed 32 percent to SAR3.7 billion. Project borrowing has increased by 28 percent to SAR4.6 billion at June end. Saudi Arabia's Public Investment Fund holds 44.16 percent in Acwa Power.