Saudi Electricity Signs $1.4 Billion ECA with SPPC for Rabigh 1 Expansion Plant
Saudi Electricity Company has signed a $1.4 billion Energy Conversion Agreement with Saudi Power Procurement Company for the expansion of the Rabigh 1 power plant, which will feature a 1,179-megawatt combined-cycle gas turbine. The project, set to be developed and operated by SEC for 25 years, aims to address rising electricity demand while supporting the Kingdom's sustainability initiatives, including carbon capture readiness. Financial impacts are anticipated to begin in Q2 2027.
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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.
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