Marubeni Corp. has signed a power-purchase agreement with the Saudi Power Procurement Co. (SPPC) through a special purpose company, established with Al Jomaih Energy & Water Co. in January.
In March, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed, and EPC work on the project proceeded the following month.
The SPC will develop, construct, operate and maintain the 300-megawatt solar PV plant, which will be located in the Rabigh Industrial City of Makkah Province, 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.
This project will be Marubeni’s first solar PV project in the Kingdom of Saudi Arabia.
This loan agreement took the form of co-financing between Japan Bank for International Cooperation, Mizuho Bank, and Al Rajhi Banking and Investment Corp.
