Saudi Electricity Company (SEC) has announced the signing of an Energy Conversion Agreement (ECA) for the purchase of energy produced from the Rabigh 1 expansion power plant. The agreement was made with the Saudi Power Procurement Company, acting as the Principal Buyer, for a large-scale Combined Cycle Gas Turbine (CCGT) power plant that is prepared to include a carbon capture unit.
The project will be located in the western province of Saudi Arabia and will have a production capacity of 1,179 megawatts. SEC holds an effective shareholding of 100% in this project. The ECA was signed on January 21, 2026.
The value of the project is reported at 5.33 billion Saudi Riyals. It involves developing, financing, building, owning, and operating the gas combined cycle power plant. The agreement covers a period of 25 years from the commercial operation date of the plant.
According to SEC, “the financial impact of the operation is expected to be reflected from the Second quarter of 2027 onwards.”
The announcement comes after SEC was awarded the project on October 24, 2023.
No related parties or additional information were disclosed by SEC regarding this transaction.
