The Rabigh plant deal would be entered on July 11, 2009 with the consortium, which includes Amr Aswaha, head of projects for independent power producers (IPP) at the firm, Saudi firm ACWA Power international.

Ali Al Barrak, the chief executive officer of SEC informed that the company has secured finances for the project and the related contract would be signed on July 11, 2009. SEC would have a 20% stake in the project.

A preferred bidder has already been arranged by the consortium, beating a consortium of Belgium’s Suez, UK’s International Power (IPR.L) and private Saudi Oger.

The plant is expected to be constructed under two phases, with 600MW build under the first phase which would be operational by 2012 and the remaining 600MW to be constructed by 2013.