Aljomaih Energy leads financial close of Rabigh 2 Solar Project

The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia’s National Renewable Energy programme (NREP), which is led and supervised by the Ministry of Energy.

The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies.

Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units.

In this context, Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: “Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis’ambitious Vision 2030, the National Renewable Energy programme and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant governmententities to advance Saudi Arabia’s clean energy transition.