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Saudi Arabia’s Riyah Al Sahil Company has secured $305 million project financing to develop a 700MW onshore wind farm in Yanbu in the kingdom.
Japan Bank for International Cooperation is funding approximately $152 million, while Bank of China, Standard Chartered Bank and Sumitomo Mitsui Trust Bank are providing the remainder, according to a statement from JBIC on Tuesday.
Electricity will be sold to Saudi Power Procurement under a 25-year power purchase agreement.
Riyah Al Sahil will build, own, and operate the onshore wind farm in Yanbu.
Japan’s Marubeni and Saudi Arabia’s Abdul Aziz Al Ajlan Sons Co for Commercial and Real Estate Investment have stakes in Riyah Al Sahil.
(Writing by Brinda Darasha; editing by Daniel Luiz)
