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AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP advises Marubeni Corporation on the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia

  • Saudi Arabia

    21-04-2021

    AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP has advised Marubeni Corporation on the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia.

    Marubeni Corporation is a major Japanese integrated trading and investment business conglomerate that handles products and provides services in a broad range of sectors.

    In January 2021, Marubeni Corporation signed a Power Purchase Agreement with the Saudi Power Procurement Company (the “SPPC”) through a Special Purpose Company established with Al Jomaih Energy & Water Company Limited. In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed, and EPC (Engineering, Procurement and Construction) work on the project started in April.

    The Special Purpose Company aims to develop, construct, operate, and maintain the 300MW capacity solar PV plant, which will be located in the Rabigh Industrial City of Makkah Province, on land leased by The Saudi Authority for Industrial Cities and Technology Zones, also known as MODON. Following the Commercial Operation Date, SPPC will purchase the produced power for 25 years. This will be Marubeni Corporation’s first solar PV project in the Kingdom of Saudi Arabia.

    AlDhabaan & Partners in association with Eversheds Sutherland (International) LLP advised the winning consortium on the legal aspect of the transaction and the team was led by Iwan Walters (Partner), with support provided by Ashley Halewood (Partner), Clint Dempsey (Partner), Anmar Al Gharifi (Partner) and Sikander Siddiqui (Senior Associate).

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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