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Saudi Electricity Company (SEC) has signed an Energy Conversion Agreement (ECA) with Saudi Power Procurement Company (SPPC) for the $1.4 billion Rabigh 1 expansion power plant in Saudi Arabia's Western Province. The 1,179-megawatt (MW) combined-cycle gas turbine (CCGT) plant will be developed, financed, built, owned, and operated by SEC for 25 years.

The ECA ties revenue to operating performance and includes provisions for fuel procurement and risk management. The project is set to meet growing electricity demand and aligns with the Kingdom's sustainability goals, including carbon capture readiness. Financial impacts from the project are expected to be realized from Q2 2027.