Operis is pleased to have provided a formal model audit of the financial model for the financial close of the Rabigh Solar PV project in Saudi Arabia.
A consortium consisting of Marubeni and Aljomaih Energy and Water Co. submitted their bid for the project in January 2020, at which Operis also completed a full audit.
The project involves the development of a 300MW PV independent power project (IPP) in Rabigh, about 800km west of Riyadh, as part of round 2 of the Kingdom’s National Renewable Energy Programme (NREP), which includes other PV plants in Jeddah, Quarrayat and Al-Faisaliah. Rabigh has a 25 year PPA with the Saudi Power Procurement Company as the off-taker. Commercial Operation is expected to begin in July 2023. Mizuho Bank, Al Rajhi Banking & Investment Corp and the Japan Bank for International Cooperation (JBIC) provided the financing for the project.