Saudi Electricity reaches Rabigh 2 close: Saudi Electricity stock is valued at SAR 64.4 billion

Published on 10/16/2026 at 10:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The 2,313.50 MW Rabigh 2 expansion reached financial close on October 4, 2026. Saudi Electricity stock is valued at SAR 64.4 billion on Tadawul.

Projects define the current picture

Rabigh 2 reached financial close for 2,313.50 MW on October 4, 2026.
Saudi Electricity held a 35.1 percent stake in each of three storage projects announced on August 23, 2026.
Saudi Electricity stock had a SAR 64.4 billion market capitalization as of October 15, 2026.

Saudi Electricity, SA0007879550, Illustration mit AI erstellt.

Saudi Electricity reached financial close for the Rabigh 2 independent power plant expansion, a 2,313.50 MW project in which the company holds an effective 40 percent stake. Arab News reported the event on October 4, 2026, while the project companies said operations could affect results from the second quarter of 2029.

Three project milestones since July

Argaam listed three dated developments for Saudi Electricity. On July 28, 2026, the company signed financing facilities worth SAR 15.80 billion with seven banks. On August 23, 2026, it disclosed agreements for three energy-storage projects valued at SAR 3.30 billion, with a 35.1 percent stake in each project. On October 4, 2026, Rabigh 2 reached financial close, making the capacity project the latest milestone.

What does Rabigh 2 mean for earnings?

The near-term earnings effect is limited by the project timetable. Operations are expected to contribute from the second quarter of 2029, so the immediate investment case rests on execution, financing and the scale of future electricity capacity rather than on current revenue. The plant's 2,313.50 MW design gives the project a clear operating benchmark, while the 40 percent effective stake defines Saudi Electricity's exposure.

Saudi Electricity's second-quarter 2026 profit was SAR 2.60 billion after deductions related to its musharaka instrument, down 14 percent from the comparable period, according to Argaam. The same source listed first-half 2026 profit at SAR 2.20 billion, up 20 percent after the same deduction. That contrast makes project timing important: Rabigh 2 is a capacity story today, while its operating contribution belongs to a later reporting period.

Tadawul valuation and project scale

Saudi Electricity stock was last quoted at SAR 15.46 on Tadawul on October 15, 2026 at 3:18 p.m. AST. The 52-week range was SAR 13.00 to SAR 18.48, placing the quoted price SAR 2.98 below the high and SAR 2.46 above the low. Market capitalization stood at SAR 64.4 billion on the same date. The combination of a large regulated utility base and long-dated project commitments leaves execution milestones as the key company-specific context.