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Multinational law firm Pinsent Masons has advised the financiers (Japan Bank for International Cooperation, Mizuho Bank and Al Rajhi Banking and Investment Corporation) on the project financing provided to a consortium led by Marubeni Corporation in joint venture with Al Jomaih Energy & Water Company Limited of the 300MW solar power plant to be built and operated in Rabigh, Saudi Arabia.

In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed. The project forms part of Saudi Arabia’s plans to generate some 59 gigawatts of electricity from solar and wind sources by 2030 as part of its National Renewable Energy Programme (NREP).

The loan agreement took the form of co-financing between Japan Bank for International Cooperation, Mizuho Bank Ltd., and Al Rajhi Banking and Investment Corporation and comprised both conventional and Islamic financing instruments.

The multidisciplinary Pinsent Masons team co-led by Middle East Head of Finance and Projects Tim Armsby and David Platt Finance and Projects Partner in Singapore, included Dubai-based lawyers Rita Allan, Jas Shoker, Matthew Escritt, Matt Dyson, Benedict Tse in Singapore and Michael Capsalis in Melbourne.

Commenting on the deal, Tim Armsby said: “We congratulate the parties involved in the latest of a number of significant transactions in the Kingdom procured on a public-private partnership basis, marking the attraction for international investment. We are delighted to have played a role in the continuation of KSA’s journey as it transforms from an oil-dependent economy to a diverse, private sector one and in meeting its Vision 2030 plans and move towards greater use of renewable energy.”

David Platt said: “This was a complicated financing comprised of ECA, conventional and Islamic tranches and as a result threw up some challenging issues but was also very enjoyable to work on”.