RIYADH – Aqua Power and the Saudi Electricity Company have announced the accomplished financial closure for their joint projects to develop two gas-fired power plants. The facilities, known as the Ramah 1 project and the Al-Nairiya Station project 1, will utilize combined cycle gas turbine (CCGT) technology to generate electricity.

In statements released to Tadawul,the companies revealed that the financing package totals 12.8 billion riyals (approximately $3.4 billion USD) with a repayment term of around 28 years, commencing August 21, 2025. Guarantees for the funding include a limited guarantee on Aqua Power’s share of the bridging loan,early production revenues,liquidity reserves,and a reserve account.

The funding consortium comprises a mix of local, regional, and international lenders, along with export credit support. Participating institutions include the Korean Export and Import Bank (Kexim), the Saudi National Bank, the Saudi Investment Bank, the Saudi Fransi Bank, Standard Chartered Bank, the Bank of China, the Agricultural Bank of China, the industrial and Commercial Bank of China, and the Arab Petroleum investments Corporation.

The two companies stated that the financing will facilitate the development, construction, ownership, and operation of two gas-fired power plants using a combined cycle system.The Saudi National Bank maintains a business relationship with both Aqua Power and Saudi Electricity Company.

Aqua Power previously disclosed that it had signed energy purchase agreements with the Saudi Energy Procurement Company for these projects in November. Each plant,located in the Riyadh and Eastern regions of Saudi arabia respectively,will have a production capacity of 1,800 megawatts. The total project value is estimated at 15 billion riyals.

Aqua Power and Saudi Electricity Company each hold a 35% ownership stake in both projects, with Kipco acting as a partner.