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Saudi Arabia’s Wind IPPs in Final Negotiations for Financial Close

A developer consortium of Saudi Arabia’s National Renewable Energy Program (NREP) round four, the 600 MW Al-Ghat and the 500 MW Waad Al-Shamal wind independent power producer (IPP) projects, is expected to reach financial close this month with a team of lenders.

 

The final negotiations are under way and the signing of the financial package for the projects is near.

 

Marubeni of Japan and Ajlan & Bros of Saudi Arabia won the contracts to develop the two wind projects in May this year. Marubeni will own 51% while Ajlan will maintain a 49% stake in the project company that will implement the projects.

 

The same consortium led by Marubeni is the frontrunner to win the 700 MW Yanbu wind IPP under round four. The other teams that submitted proposals for the contract, are led by: Acwa Power of Saudi Arabia, Engie of France, EDF Renewables of France.

 

Saudi Arabia aims to install 58.7 GW by 2030 through NREP. The launch of these projects comes as part of the Kingdom’s objectives of the “Saudi Vision 2030.

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