SEC signs SAR 5.33B deal to purchase power from Rabigh 1 expansion

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) signed on Jan. 21 an energy conversion agreement worth SAR 5.33 billion with the Saudi Power Procurement Co., according to a Tadawul statement.

The deal aims to purchase energy produced from the Rabigh 1 expansion power plant for a large-scale combined cycle gas turbine (CCGT) power plant with readiness to build a carbon capture unit.

The project, located in the Western province, operates with a production capacity of 1,179 MW.

The deal was signed between SEC, representing the project company, and the Saudi Power Procurement in its role as the principal buyer. SEC holds a 100% stake in the project

The project covers the development, financing, construction, ownership, and operation of the gas-fired combined cycle plant. It is scheduled to operate for 25 years from the plant’s commercial operation date.

SEC said the financial impact of the agreement is expected to appear once the plant reaches full commercial operation, anticipated in the second quarter of 2027.