Saudi Electricity secures Rabigh 2 financing: what it means for Saudi Electricity stock

Published on 10/05/2026 at 08:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Rabigh 2 financing totals SAR 9.69 billion for a 2,313.5 MW expansion. For Saudi Electricity stock, operations begin in the second quarter of 2029.

Saudi Electricity, SA0007879550, Illustration mit AI erstellt.

Saudi Electricity reported financial close for the Rabigh 2 independent power plant expansion on October 4, 2026, giving Saudi Electricity stock a new infrastructure milestone. The project has 2,313.5 MW of planned capacity, while operations are expected to affect results from the second quarter of 2029, according to Saudi Electricity.

Rabigh 2 brings scale

Saudi Electricity and ACWA each hold an effective 40 percent stake in Al-Morjan Two Electricity Company, the project vehicle for the expansion. The plant is designed for combined-cycle gas turbine generation and can accommodate the future installation of carbon capture units.

Financing from local, regional and international lenders totals SAR 9.69 billion, with a tenor of 34 years. Arab News reported on October 4, 2026, that the financial impact from operations is expected from the second quarter of 2029.

Second-quarter earnings set the base

Saudi Electricity reported revenue of SAR 30.864 billion for the second quarter of 2026 and net income of SAR 4.891 billion. The figures place the project announcement beside a sizeable operating base, although the Rabigh 2 contribution is scheduled several years ahead.

The company's second-quarter diluted earnings per share were SAR 0.63, while operating cash flow totaled SAR 4.489 billion for the same period. These figures come from the standardized financial record for the second quarter and are also reflected in the latest results summary from Investing.com.

Market value and project timing

Saudi Electricity had a market capitalization of SAR 64.8 billion on October 4, 2026. Its 52-week Tadawul range was SAR 13.00 to SAR 18.48, giving the project timeline a market context without turning the announcement into a near-term earnings event.

The company trades under ticker 5110 on Tadawul, and the Rabigh 2 timetable points to the second quarter of 2029 as the key operating milestone. For investors, the immediate issue is the long gap between financial close and the expected contribution to results.