---
title: "ZAWYA-PROJECTS: Saudi Electricity signs $1.4bln energy conversion pact with SPPC for Rabigh 1 expansion plant"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/273344930.md"
description: "Saudi Electricity Company (SEC) has signed a $1.42 billion Energy Conversion Agreement with Saudi Power Procurement Company (SPCC) for the Rabigh 1 expansion power plant, which has a capacity of 1,179 MW. SEC will develop, finance, build, own, and operate the carbon capture-ready combined-cycle gas turbine power plant for 25 years. This agreement follows a previous power purchase agreement signed with SPCC in November 2023."
datetime: "2026-01-22T08:51:49.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273344930.md)
  - [en](https://longbridge.com/en/news/273344930.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273344930.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/273344930.md) | [繁體中文](https://longbridge.com/zh-HK/news/273344930.md)


# ZAWYA-PROJECTS: Saudi Electricity signs $1.4bln energy conversion pact with SPPC for Rabigh 1 expansion plant

**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)

**Subscribe to our Projects' PULSE** newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

### Related Stocks

- [iShares US Oil & Gas Explor & Prod ETF (IEO.US)](https://longbridge.com/en/quote/IEO.US.md)
- [iShares Global Energy ETF (IXC.US)](https://longbridge.com/en/quote/IXC.US.md)
- [SttStrtSPDRS&POil&GasExplor&ProdtnETF (XOP.US)](https://longbridge.com/en/quote/XOP.US.md)
- [The Energy Select Sector SPDR® ETF (XLE.US)](https://longbridge.com/en/quote/XLE.US.md)

## Related News & Research

- [Asia Naphtha/Gasoline-Naphtha prices rebound, Indian sellers offer April cargoes](https://longbridge.com/en/news/281483819.md)
- [SM Energy Completes Tender Offer, Retires High-Coupon Notes](https://longbridge.com/en/news/281535519.md)
- [Suncor CEO Says Fort Hills Oil Sands Site Will Go From 175,000 To 200,000 barrels per day By 2028](https://longbridge.com/en/news/281213036.md)
- [S&P Ratings Revises BP PLC Outlook To Positive On Deleveraging, 'A-/A-2' Ratings Affirmed](https://longbridge.com/en/news/281552020.md)
- [TotalEnergies corners Middle East crude market, reaping record profits](https://longbridge.com/en/news/280970499.md)