Rabigh 2 Solar PV Project
CLIENT
Al Jomaih Energy & Water Company (AEW) and TotalEnergies Renewables
LOCATION
Rabigh, KSA
DATE
2025
VALUE
SAR 825m
SERVICES PROVIDED
Financial Advisor
The Rabigh 2 Solar PV project, awarded by Saudi Power Procurement Company (SPPC), is one of four solar IPPs procured under Round Five of KSA’s National Renewable Energy Programme (NREP).
Located in Rabigh in the Makkah Province, the SAR 825 million development will be generating 300 MW of electricity – enough to power 53,000 residential units with electricity. The project was procured by Saudi Arabia’s Renewable Project Development Office (REPDO) as part of Round 5 of the Kingdom’s National Renewable Energy Program (NREP). Supervised by the Ministry of Energy, NREP aims to establish a balanced energy mix with approximately equal proportions of gas and renewable energy by 2030, thereby reducing the reliance on liquid fuels for electricity generation in line with Saudi Vision 2030.
The facility will be developed, financed, constructed, operated, and maintained by a consortium comprising Al Jomaih Energy & Water Company and France’s TotalEnergies Renewables. Construction is expected to take less than two years, with commercial operations commencing in 2027 under a 25-year concession agreement.
TRIBE ADVISORY'S ROLE
Tribe Advisory served as the lead and financial advisor to AEW and TotalEnergies Renewables throughout the bid submission stage to financial close over the course of 14 months.
Tribe’s role encompassed comprehensive financial advisory services during the bidding, negotiation, and financing phases, including risk assessments, project bankability reviews, financial structuring, debt and equity optimisation, financial modelling, and negotiation support for key project contracts.
Tribe arranged a financing package consisting of conventional and Islamic non-recourse project financing from international and regional lenders. Tribe also advised the consortium on tariff optimisation, financing terms and hedging strategy.
Bid Plan and Project Document Review
Reviewing of the RFP and all Project Documents for all four projects being procured under Round Five.
Providing recommendations for optimisation within the bid framework.
Suggesting and managing the clarifications process from a commercial standpoint.
Financial Modelling and Scenario Analysis
Developing a robust, bespoke financial model meeting the requirements of Lenders and Sponsors.
Performing valuation and optimisation in order to submit the most competitive bids while respecting all the requirements of both Sponsors.
Assisting Sponsors with the preparation of internal presentations and all required analysis to articulate financing strategies and sensitivities to market and operational changes.
Debt Raising
Securing committed debt financing to support the bid for all four projects, in an amount and variety well in excess of bid compliance requirements.
Negotiating financing term sheets and commitment letters with a broad range of potential lenders.
Coordinating the process of pre-bid due diligence and credit approval.
Financial Closing
Coordination of the due diligence, approval process and closing process of the Lenders.
Negotiation of the financing documentation relevant to both Islamic and Conventional tranches.
Advising and executing on the hedging strategy.
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