29-05-2025
Aljomaih Energy announces financial close of $220mln Rabigh 2 Solar IPP
Saudi-based Aljomaih Energy and Water Company announced on Thursday that its consortium with France's TotalEnergies Renewables has achieved financial close on the 300 megawatt (MW) Rabigh 2 Solar Independent Power Plant (IPP) project.
The consortium of lenders for the 825 million Saudi riyals project included Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong), Aljomaih said in a press statement.
The project, which comes within Round 5 of Saudi Arabia's National Renewable Energy Programme (NREP), is backed by a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC).
The IPP is located adjacent to the already operationa 200 MW South Rabigh IPP project, the statement noted.
Saudi Arabia is targeting a 50 percent share of renewable energy sources in its energy mix by 2030.
(Writing by SA Kader; Editing by Anoop Menon)
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