JBIC, Mizuho Bank, and Al Rajhi Bank to provide US$157mn financing for 300 MW Rabigh Solar PV Plant

The Japan Bank for International Cooperation has signed a loan agreement with South Rabigh Renewable Energy Company (SRREC) of the Kingdom of Saudi Arabia (Saudi Arabia), in which Marubeni Corporation holds an equity stake. JBIC will provide project financing amounting to up to approximately US$78 million (JBIC portion) for the Rabigh Solar PV Plant located in Saudi Arabia.

The loan is co-financed with Mizuho Bank, Ltd and Al Rajhi Banking & Investment Corporation of Saudi Arabia, and the total co-financing amount is approximately US$157 million. Al Rajhi Banking & Investment Corporation plans to provide the funds based on Islamic finance.

In this project, SRREC, which was established by Marubeni Corporation together with Al Jomaih Energy & Water Company of Saudi Arabia, will build, own and operate a 300MW solar PV plant in Rabigh, located approximately 800 km to the west of Riyad, the capital of Saudi Arabia.

This is the first loan by JBIC for an independent power producer (IPP) project as well as for a renewable energy project in Saudi Arabia.