The Japan Bank for International Cooperation (JBIC) signed a loan agreement in project financing amounting up to approximately USD152 million (JBIC portion) with RIYAH AL SAHIL COMPANY (AL SAHIL) for the Yanbu onshore wind farm project.
AL SAHIL is based in the Kingdom of Saudi Arabia and invested in by Marubeni Corporation and Abdul Aziz Al Ajlan Sons Co. for Commercial and Real Estate Investment – Ajlan & Bros. The loan is co-financed with Sumitomo Mitsui Trust Bank Limited, Standard Chartered Bank Limited, and Bank of China, bringing the total co-financing amount to approximately USD305 million.
In this project, AL SAHIL will build, own, and operate a 700 MW onshore wind farm in Yanbu, Al Madinah Province, Saudi Arabia.
AL SAHIL will also sell the electricity generated by the wind farm to Saudi Power Procurement Company for a duration of 25 years. This loan, extended by JBIC for an independent power producer (IPP) renewable energy project in Saudi Arabia, follows the loans provided for the Rabigh solar power generation project, as well as for the Al-Ghat and the Waad Al Shamal onshore wind farm projects.
This project is part of the National Renewable Energy Program (NREP), which is supervised by the Ministry of Energy of Saudi Arabia, aiming to achieve approximately 50% of its total power generation capacity from renewable energy and energy storage systems sources by 2030, subject to electricity demand growth.
