Pinsent Masons advises on the project financing of the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia

Date Posted:Thu, 22nd Apr 2021

Pinsent Masons advises on the project financing of the Rabigh Solar PV IPP Project in the Kingdom of Saudi Arabia

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”.

PLEASE NOTE: We have amended our Standard Terms of Business to cover the UK leaving the EU. There are limited changes to the data protection provisions. There are equivalent changes proposed for clients with non-standard terms. Please click here for full details of the changes.

IMPORTANT NOTICE: This email is sent on behalf of Pinsent Masons LLP, a limited liability partnership registered in England & Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority and the appropriate regulatory body in the jurisdictions in which it operates. Its registered office is at 30 Crown Place, London EC2A 4ES.

Reference to 'Pinsent Masons' is to the international legal practice of Pinsent Masons LLP and/or one or more of the affiliated entities that practise under the name 'Pinsent Masons' as the context requires. The word 'partner', used in relation to Pinsent Masons, refers to a member of Pinsent Masons or an employee or consultant with equivalent standing. A list of members of Pinsent Masons LLP, those non-members who are designated as partners, and non-member partners in affiliated entities, is available for inspection at our offices or at

The contents of this e-mail and any attachments are confidential to the intended recipient. It may also be legally privileged. If you are not the intended recipient please do not use or publish its contents, contact Pinsent Masons immediately on +44 (0)20 7418 7000 then delete. Contracts cannot be concluded with Pinsent Masons nor service effected on Pinsent Masons by email. Emails are not secure and may contain viruses. Pinsent Masons may monitor traffic data.

For information about how we use your personal data at Pinsent Masons, including your rights, please see our privacy policy.

Further information about us is available at