Aljomaih Energy and Water Company, Saudi Arabia announced that its consortium with France’s TotalEnergies Renewables has achieved financial close on the 300 megawatt (MW) Rabigh 2 Solar Independent Power Plant (IPP) project.

The value of the project is SAR 825 million (USD 220 million).

Earlier, during December 2024, The consortium comprising TotalEnergies and Saudi developer Aljomaih Energy and Water Company (AEW) has signed a 25-year Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) related to the 300 MW solar power project, Rabigh 2.

This project is part of Round 5 of the National Renewable Energy Program (NREP) which is supervised by the Ministry of Energy aiming to achieve an optimal energy mix for electricity production by having gas and renewable energy at approximately 50% each by 2030 and reduce dependence on liquid fuels in electricity generation in line with Saudi Vision 2030.

The solar plant will be developed, built, owned and operated by the consortium with a connection to the grid planned in 2026.