Saudi Electricity seals ECA deal for $1.4bn Rabigh 1 power plant expansion

23/01/2026 02:31 AST

Saudi Electricity Company (SEC) has announced the signing of an Energy Conversion Agreement (ECA) with the Saudi Power Procurement Company (Principal Buyer) for the purchase of energy produced from the SAR5.33 billion ($1.4 billion) Rabigh 1 Expansion Power Plant.

The Rabigh 1 Expansion Project is a large-scale Combined Cycle Gas Turbine (CCGT) power plant with readiness to integrate a carbon capture unit, aligning with the Kingdom's long-term sustainability and emissions reduction goals.

Located in the Western Province of Saudi Arabia, the project will have a total production capacity of 1,179MW, contributing substantially to meeting growing electricity demand in the region.

The project scope includes the development, financing, construction, ownership, and operation of the gas-fired combined cycle power plant, said the statement from SEC.

The ECA was signed between SPPC and SEC on behalf of the project company, in which SEC holds an effective 100% shareholding.

According to Saudi Electricity Company, the project will be implemented under a 25-year agreement starting from the commercial operation date. The financial impact of the operation is expected to be reflected from Q2 2027 onwards, it added.


Trade Arabia

News

Elsewedy consortium achieves key Rabigh 1 expansion milestone with $1.4bn SEC deal

19/02/2026

A consortium of Elsewedy Electric and Siemens Energy has achieved a major milestone in the expansion of Saudi Arabia's Rabigh 1 power plant following the signing of a SAR5.3 billion ($1.4 billion) en

Trade Arabia

Saudi Electricity Company inks $4.3bn Islamic financing deal

16/02/2026

Saudi Electricity Company has announced that it has signed a SAR16 billion ($4.27 billion) shariah-compliant Murabaha funding facility with a group of regional banks to refinance existing debt.
<

Trade Arabia

SEC inks $1bn finance deal with Italian agency for key power projects

14/12/2025

Saudi Electricity Company (SEC) has signed a landmark financing agreement with the Italian Export Credit Agency (SACE), with a total value of up to $1 billion, aimed at supporting the development and

Trade Arabia

Most Viewed Companies

Ticker Price Volume

Valuation

SAUDIENERGY Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
TAQA 3.36 -0.01 (-0.30%)
ACWAPOWER 192.00 -2.50 (-1.29%)
DEWA 2.77 0.00 (0.00%)
EMPOWER 1.56 -0.03 (-1.89%)
MARAFIQ 38.56 -0.34 (-0.88%)

Recent News

Gulf Bank launches Concierge App in collaboration with Peacock Concierge

06/03/2026

As part of its ongoing commitment to delivering innovative digital solutions that enhance customers' lifestyles, Gulf Bank has launched its new Concierge App in strategic collaboration with Peacock C

Kuwait Times

Union Properties joins Massachusetts institute's industrial liaison programme

06/03/2026

Union Properties, one of the UAE's leading master developers, said it has entered into a membership agreement with the Massachusetts Institute of Technology (MIT) through its globally recognised Indu

Trade Arabia

Emirates NBD waives ATM withdrawal and debit card fees across UAE and GCC

06/03/2026

Emirates NBD has waived a range of banking fees for customers across the UAE and the wider Gulf, making cash and card services easier to access during a period of heightened regional uncertainty.

Gulfnews

2PointZero buys majority stake in Italian packaging group ISEM for $192m

06/03/2026

2PointZero Group, a next-generation investment powerhouse focused on energy and consumer sectors, has announced that it has formally completed the transaction to acquire a majority position in ISEM,

Trade Arabia

SAL agrees $30m Aviapartner Liege acquisition to expand into Europe

06/03/2026

SAL Saudi Logistics Services Co. has agreed to acquire Belgium-based Aviapartner Liege SA for ?28 million ($30.3 million), giving the Saudi logistics firm a foothold at one of Europe's major air carg

Arab News

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap