Saudi Power Procurement Company has signed a Power Purchase Agreement (PPA) with Marubeni Corporation and Al Jomaih Energy & Water Company Limited in January 2021. In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP Project was signed, which allowed starting the EPC (Engineering, Procurement, and Construction) work on the project in April 2021.

The consortium will develop, construct, operate, and maintain the 300MW capacity solar PV plant, which will be located near Rabigh in Makkah Province. The land for the project was leased by the Saudi Authority for Industrial Cities and Technology Zones. Authority will purchase the produced power for 25 years following the commercial operation. 

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.