ACWA Power has taken impressive strides on its journey to reaching net-zero emissions by 2050. Most recently, the company reached financial closure on two $2.5 billion large-scale power projects in Saudi Arabia. The Rumah 1 and Nairyah 1 IPPs represent a remarkable $4 billion combined investment. Combined, their capacity totals 3,600 megawatts (MW). These projects align with Saudi Arabia’s commitment to achieving net-zero emissions by 2060 and are integral to the country’s Vision 2030 initiative aimed at diversifying its economy and enhancing local content.
By July 2025, ACWA Power had entered agreements and memoranda of understanding with several international partners. Together they hope to create a green hydrogen and renewable energy export value chain that links Saudi Arabia to Europe. This strategic move reinforces the kingdom’s ambition to become a key player in the global energy market while ensuring a reliable power supply domestically.
Details of the Projects
The Rumah 1 IPP Project consists of the design, development, and construction of a 1,800 MW combined cycle gas turbine (CCGT) power plant. Remal Energy Company will oversee this important $2 billion project. The Nairyah 1 IPP Project includes a large 1,800 MW CCGT power plant. Naseem Energy Company has operated responsibility for its operations. This project includes a big investment, $2 billion.
Both projects continue to make strides toward Saudi Arabia’s national plan to diversify its energy mix. In doing so, they deepen the nation’s dedication to being a critical global logistics connector. In addition, they praised the India-Middle East-Europe economic corridor initiative. As a part of this effort, the administration is seeking to increase trade and economic cooperation between these regions.
Investor Confidence and Financial Closure
The successful financial closure of the Rumah 1 and Nairyah 1 projects signals robust investor confidence. Most importantly, it indicates that ACWA Power’s strategic vision is equally captivating and inspiring.
“The successful achievement of financial closure of the Rumah 1 and Nairyah 1 IPP projects underscores the investor confidence in ACWA Power’s strategic vision and our proven track record in delivering sustainable power solutions.” – Thomas Brostrom
For Brostrom, securing the financing took a diverse group of banks and other lenders. This strategy helps to ensure that projects are bankable.
“Securing financing from such a diverse group of lenders demonstrates the bankability of these projects and their alignment with global sustainability objectives. We are particularly pleased with the inclusion of export credit financing, which further validates the international significance of these projects. This financial achievement reinforces our commitment to providing reliable and cost-effective power while actively pursuing innovative solutions for a cleaner energy future.” – Thomas Brostrom
Commitment to Sustainable Energy
The projects’ initiatives around the Rumah 1 and Nairyah 1 projects demonstrates ACWA Power’s commitment to promoting sustainable energy solutions. The firm is investing heavily on the renewable energy and green hydrogen value chains to bolster its competitive advantage in the emerging international market. Simultaneously, it is boosting Saudi Arabia’s broader efforts to go green.
Together, these developments represent landmark steps to help transform the kingdom’s energy landscape. They help make sure the kingdom remains a leader in fostering sustainable energy production. ACWA Power isn’t looking back and is confidently moving forward with its ambitious pipeline of projects. This advancement contributes to the Biden Administration’s national decarbonization goals and connects Maryland to the global race towards sustainable, clean, carbon-free energy technologies.
