Latest news with #Rumah-1
Korea Herald
16-07-2025
- Business
- Korea Herald
KEPCO attracts W5.5tr funding for Saudi energy projects
The state-run Korea Electric Power Corp. has finalized the initial funding phase for its upcoming energy projects in Saudi Arabia, according to the firm on Wednesday. It secured about 5.5 trillion won ($3.96 billion) in project financing through separate agreements for Saudi Arabia's Al Sadawi photovoltaic project and the Rumah-1 and Al Nairyah-1 independent power plant projects, which will play a pivotal role in supporting the kingdom's energy transition. 'KEPCO plans to continue expanding its overseas project portfolio, focusing on new energy sectors and cutting-edge technologies,' the firm said in a statement. The financing was structured as project finance, relying solely on the local project entities' profitability and creditworthiness, without guarantees from KEPCO. KEPCO attracted funding from major financiers, including the Export-Import Bank of Korea and other international commercial banks. In June, Korea's policy lender Eximbank said it would provide some $225 million in project finance for KEPCO's Al Sadawi solar project. This contract represents KEPCO's 22nd and 23rd projects executed through overseas project financing in collaboration with domestic export financing institutions, which shows KEPCO's expertise as a developer and operator of international power projects. Facilitated by the recent financial agreements, the ongoing groundwork for these projects is now poised to transition into full construction. The Al Sadawi solar project, awarded via an international tender in October, is a 2-gigawatt renewable energy initiative, the largest solar power project in the kingdom. Total investments exceeding $1.1 billion will see about 3.7 million solar panels installed across a desert area 14 times the size of Seoul's Yeouido, or roughly 39.6 square kilometers. KEPCO expects this project to generate revenue of some 540 billion won over its 25-year lifespan. The Rumah-1 and Al Nairyah-1 plants, granted in November, will have a combined capacity of 3.6GW, amounting to nearly 2.5 percent of the national grid's capacity. It is projected to bring in 4 trillion won over 25 years.
Zawya
02-04-2025
- Business
- Zawya
Mitsubishi Power to supply gas turbines for projects in Saudi Arabia
Riyadh – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries (MHI), recently received two major supply orders for the Rumah-1 and Al-Nairyah-1 Independent Power Plant (IPP) projects in Saudi Arabia, according to a press release. The orders are in cooperation with Doosan Enerbility Company, under which Mitsubishi Power will supply six state-of-the-art M501JAC gas turbines, generators, and auxiliary equipment for the project which is believed to play a main role in supporting the Kingdom's energy transition. President of Middle East and North Africa (MENA) at Mitsubishi Power, Khalid Salem, said: 'We are proud to partner with SEC, ACWA Power, KEPCO, and Doosan Enerbility on this landmark project, which underscores our commitment to advancing Saudi Arabia's energy infrastructure.' The Rumah-1 and Al-Nairyah-1 power plants are located in the central and eastern regions of Saudi Arabia and will be developed by a consortium comprising the Saudi Electricity Company (SEC), ACWA Power Company, and Korea Electric Power Corporation (KEPCO). Salem added: 'As the Kingdom continues its ambitious journey towards increasing the share of renewable energy in its grid, the Rumah1 and Al-Nairyah-1 plants will serve as cornerstones in ensuring grid stability and reliable power generation.' He elaborated: 'This collaboration not only strengthens our dedication to delivering cutting-edge, hydrogenready solutions but also marks a significant step forward in supporting Saudi Arabia's Vision 2030 and its broader ambition for a sustainable, low-carbon energy future.' The power plants will deliver a combined 3.6 gigawatt (GW), accounting for nearly 2.5% of the national grid's capacity. It is worth noting that Saudi Arabia's energy mix plan aims to integrate renewable energy and natural gas to each account for 50% of the Kingdom's electricity generation by 2030. These projects are also a key part of the Saudi Green Initiative, which seeks to achieve net-zero greenhouse gas emissions by 2060 or earlier, using a circular carbon economy approach. Mitsubishi Power began operations in Saudi Arabia with its first supply of boilers to Saudi Arabian Oil Company (Aramco) in Abqaiq in the 1960s. Source: Mubasher
