Aljomaih Energy and Water Company, based in Saudi Arabia, has reached financial close on the 300 MW Rabigh 2 Solar Independent Power Plant project, in partnership with TotalEnergies Renewables of France. According to a company statement, the project is valued at 825 million Saudi riyals and is supported by a consortium of lenders, including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong).
This solar project is part of Round 5 of Saudi Arabia’s National Renewable Energy Programme and operates under a 25-year Power Purchase Agreement with the Saudi Power Procurement Company. The Rabigh 2 facility is located next to the existing 200 MW South Rabigh plant.
Saudi Arabia aims for renewable energy to make up half of its energy mix by 2030, according to company sources.
