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23/01/2026 02:31 AST
Saudi Electricity Company (SEC) has announced the signing of an Energy Conversion Agreement (ECA) with the Saudi Power Procurement Company (Principal Buyer) for the purchase of energy produced from the SAR5.33 billion ($1.4 billion) Rabigh 1 Expansion Power Plant.
The Rabigh 1 Expansion Project is a large-scale Combined Cycle Gas Turbine (CCGT) power plant with readiness to integrate a carbon capture unit, aligning with the Kingdom's long-term sustainability and emissions reduction goals.
Located in the Western Province of Saudi Arabia, the project will have a total production capacity of 1,179MW, contributing substantially to meeting growing electricity demand in the region.
The project scope includes the development, financing, construction, ownership, and operation of the gas-fired combined cycle power plant, said the statement from SEC.
The ECA was signed between SPPC and SEC on behalf of the project company, in which SEC holds an effective 100% shareholding.
According to Saudi Electricity Company, the project will be implemented under a 25-year agreement starting from the commercial operation date. The financial impact of the operation is expected to be reflected from Q2 2027 onwards, it added.
Trade Arabia
14/12/2025
Saudi Electricity Company (SEC) has signed a landmark financing agreement with the Italian Export Credit Agency (SACE), with a total value of up to $1 billion, aimed at supporting the development and
Trade Arabia
08/12/2025
Saudi Electricity Company (SEC) has announced that it has signed a tri-party agreement with French bank Bpifrance and GE Vernova, a purpose-built energy technology company, to facilitate financing fo
Trade Arabia
28/10/2025
Saudi Electricity Company (SEC) has signed power purchase agreements worth SAR12.8 billion ($3.4 billion) for two large scale CCGT (Combined Cycle Gas Turbine) power plants located in Riyadh city wit
Trade Arabia
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23/01/2026
As part of its commitment to actively taking part in raising awareness and promoting financial inclusion and culture among all society segments, National Bank of Kuwait continues to support the banki
Kuwait Times
23/01/2026
AlRayan Bank released yesterday its consolidated financial statements for the year ended December 31, 2025 with net profit attributable to the equity holders of the bank of QR1,530m.
The res
The Peninsula
23/01/2026
Oman Agriculture Development Company today opened Nizwa Dates Industrial Complex. This strategic project serves as an example of investments that generate direct economic value and social impact and
Times of Oman
23/01/2026
Global oil ?glut predictions are seriously exaggerated ?as demand growth ?remains strong and global oil stocks are ?depleted, Amin Nasser, chief executive ?of Aramco, the world's biggest ?oil produce
Reuters
23/01/2026
Kuwait Airways said on Thursday it will launch 11 new destinations for its summer 2026 season, including Alexandria, Zurich, Mykonos, Malaga, Sharm El Sheikh, Salalah, Antalya, Trabzon, Sarajevo, Vie
Gulfnews
Financial Information Co.
Saudi Arabia