Seoul, South Korea – March 13, 2025 – Doosan Enerbility has announced the signing of a significant contract valued at approximately 2.2 trillion Korean won (US$1.65 billion) to construct two gas-fired combined cycle power plants in Saudi Arabia. The agreement was finalized with a consortium led by Korea Electric Power Corporation (KEPCO), which includes Saudi Electricity Company (SEC) and ACWA Power, Saudi Arabia's leading private power developer.

The project, known as the Rumah 1 and Nairyah 1 Gas Combined Cycle Power Plants, was awarded by the Saudi Power Procurement Company (SPPC) through an international competitive bidding process. These plants, each with a capacity of 1,800 megawatts (MW), will be strategically located northeast of Riyadh, with Rumah 1 situated 80 kilometers away and Nairyah 1 at a distance of 470 kilometers.

Doosan Enerbility, in partnership with SEPCOIII, a specialized power plant construction firm, will execute the project on an Engineering, Procurement, and Construction (EPC) turnkey basis. This encompasses the entire scope of work, from design and equipment supply to installation and commissioning, with a targeted completion date of 2028.

Under the terms of the agreement, the electricity generated by these plants will be sold to SPPC for a period of 25 years. The KEPCO consortium had previously secured a Power Purchase Agreement (PPA) with SPPC in November 2024, laying the groundwork for this major construction project.

This project is part of Saudi Arabia's broader strategy to expand its power generation capacity to meet the growing energy demands of its rapidly developing economy. According to market analysis by Mordor Intelligence, Saudi Arabia's total power capacity is expected to rise from 92.9 gigawatts (GW) in 2025 to 123.2 GW by 2030, reflecting an annual increase of approximately 6 GW.

Doosan Enerbility’s involvement in this project underscores its strong position in the global power generation market and its expertise in delivering large-scale energy infrastructure projects. This contract also highlights the strengthening ties between South Korea and Saudi Arabia in the energy sector.

[ⓒ Global Economic Times. 무단전재-재배포 금지]