Marubeni led consortium signed 300MW Rabigh Solar PV Project

Marubeni Corporation, Japan announced in a statement that it has signed a Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) for Rabigh Solar PV IPP Project having capacity of 300MW.

The Project location is in Rabigh Industrial City, 150km from Jeddah, western region of Saudi Arabia.

The agreement signed through a Special Purpose Company (SPC) established in consortium with Al Jomaih Energy & Water Company Limited, Saudi Arabia. Marubeni will have 50.1%, Al Jomaih will have 49.9% of Equity Participation.

Earlier, During March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed. This loan agreement took the form of co-financing between Japan Bank for International Cooperation, Mizuho Bank Ltd., and Al Rajhi Banking and Investment Corporation.(read more)

The Project scope of work includes Develop, construct, operate, and maintain the 300MW capacity solar PV plant, on land leased by The Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON.

SPPC will purchase the produced power for 25 years following the Commercial Operation Date. (COD). The COD of the project is expected to be in July 2023.

Rabigh Solar PV Project will be Marubeni’s first solar PV project in the Kingdom of Saudi Arabia.

This project will be Marubeni’s fourth large-scale solar PV project in the MENA region, following the successful commercial operation of the Sweihan Solar PV IPP Project (1,177MW) in the UAE  and the Amin Solar PV IPP Project (105MW) in Oman, as well as the signing of the Power Purchase Agreement for the Al Kharsaah Solar PV IPP Project (800MW) in Qatar. The generation capacity of the four projects totals nearly 2GW.

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