First published: 22-Jan-2026 12:51:49

Staff Writer

Saudi Electricity Company (SEC) has signed an Energy Conversion Agreement (ECA) with the state-backed principal buyer Saudi Power Procurement Company (SPCC) for the purchase of energy produced from the 1,179-megawatt (MW) Rabigh 1 expansion power plant in the Western Province.

The agreement is valued at 5.33 billion Saudi riyals ($1.42 billion), the utility provider said in a statement to the Saudi stock exchange.

Under an ECA, the purchaser of the electricity procures the fuel and bears the risk,  with revenues tied to operating performance.

SEC, which has 100 percent ownership of the project, will develop, finance, build, own, and operate the carbon capture-ready combined-cycle gas turbine (CCGT) power plant for a period of 25 years.

Previously, a power purchase agreement (PPA) for the project was signed with SPCC in November 2023, according to a Zawya Projects project.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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