Saudi Electricity Signs $17B Deals for Solar and Gas Power Plants

Saudi Electricity Company (SEC) has signed multiple significant energy agreements with Saudi Power Procurement Company (SPPC) involving both renewable and gas turbine power projects. SEC signed a SAR 1.37 billion power purchase agreement for the 600 MW Samtah solar photovoltaic plant, expected to begin financial impact in Q1 2028. Additionally, SEC inked agreements worth SAR 12.8 billion for two combined-cycle gas turbine power plants, PP13 and PP14, each with a capacity of 1,678 MW in Riyadh, with financial impacts expected starting in 2025 over a 21-year period. These projects are part of a broader awarding by SPPC of five renewable energy projects totaling 4.5 GW capacity and investments exceeding SAR 9 billion, involving companies such as Masdar, TotalEnergies, and EDF. SEC holds a majority stake in the Samtah solar project and fully owns the gas turbine plants, with no related parties involved in the contracts. These developments reflect Saudi Arabia's ongoing investment in expanding its power generation capacity through diverse energy sources.