Saudi Electricity secured SAR 9.69 billion: what it means for Saudi Electricity stock

Published on 10/12/2026 at 09:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Rabigh 2 adds 2,313.50 megawatts and starts in the second quarter of 2029. For Saudi Electricity stock, this means a 40.00 percent stake.

Key points in brief

Saudi Electricity secured SAR 9.69 billion in financing for the Rabigh 2 power plant expansion.
The project will add 2,313.50 megawatts and is expected to begin commercial operations in the second quarter of 2029.
Saudi Electricity reported SAR 2.20 billion in first-half 2026 net profit, up 20.00 percent year over year.
The stock last closed at SAR 15.27 on Tadawul on October 8, 2026, against a 52-week range of SAR 13.00 to SAR 18.48.

Saudi Electricity, SA0007879550, Illustration mit AI erstellt.

Saudi Electricity secured SAR 9.69 billion in financing for the Rabigh 2 expansion on October 1, 2026, according to Argaam. The financing supports a 2,313.50-megawatt combined-cycle gas plant, while Saudi Electricity's 40.00 percent project stake links the announcement directly to the company's expansion pipeline.

Rabigh 2 sets a long runway

The financing has a tenor of 34 years and covers development, construction, ownership and operation of the plant. The project is designed to accommodate carbon-capture units, adding a stated decarbonization option to a gas-fired generation asset.

Arab News reported on October 4, 2026, that Saudi Electricity and ACWA Power each hold an effective 40.00 percent stake and expect the project's operating impact from the second quarter of 2029.

What does the project mean for earnings?

The answer is timing. Commercial operations are expected in the second quarter of 2029, so the financing announcement adds a future operating asset rather than an immediate earnings contribution. The plant's 2,313.50 megawatts provide the measurable scale, while the 40.00 percent stake defines Saudi Electricity's participation.

Three milestones shape the story

On April 1, 2026, Saudi Electricity and ACWA Power signed a power purchase agreement valued at SAR 11.50 billion for Rabigh 2, according to Argaam. On August 4, 2026, Saudi Electricity's first-half net profit reached SAR 2.20 billion, up 20.00 percent year over year, while second-quarter profit was reported at SAR 2.60 billion, down 14.00 percent, according to Argaam. The October 1 financing close is the latest of the three milestones.

Next date is second quarter 2029

The next dated project milestone is the expected start of commercial operations in the second quarter of 2029. For the stock, the key distinction is between the long-term capacity addition and the later point at which the asset can affect operating results.

Stock remains below its yearly high

Saudi Electricity last closed at SAR 15.27 on Tadawul on October 8, 2026. Its 52-week range was SAR 13.00 to SAR 18.48, placing the last close SAR 3.21 below the high, or 17.37 percent under that level.