Major GCC solar project nears financial close

14 Jul 2020
Major GCC solar project nears financial close

The Marubeni/Total consortium will own a 40 per cent stake in the solar asset, with the government-owned Siraj Solar holding the remaining 60 per cent. Siraj Solar is a joint venture (JV) of utility provider Qatar Electricity & Water Company (QEWC) and state oil company Qatar Petroleum (QP).

 

The special purpose vehicle (SPV) established to develop the planned 800MW Siraj Solar project in Qatar is nearing financial close for the project.

Energy & Utilities reported in January that a consortium led by France’s Total and Japan’s Marubeni has been awarded the contract to develop the 800MW PV independent power producer (IPP) project.

The Marubeni/Total consortium will own a 40 per cent stake in the solar asset, with the government-owned Siraj Solar holding the remaining 60 per cent. Siraj Solar is a joint venture (JV) of utility provider Qatar Electricity & Water Company (QEWC) and state oil company Qatar Petroleum (QP).

According to sources close to the project, the SPV is nearing financial close for the project, with the financing expected to be secured in the coming weeks.

The PV project will be developed in the Al-Kharsaah area of Qatar, about 80km west of Doha. The first 350MW is due to be operational by the first quarter of 2021, with the full 800MW scheduled to be connected to the grid by the first quarter of 2022.

The winning consortium was one of five groups which submitted bids in June last year.

The other bidders were:

• Engie (France)/ GS E&C (South Korea)

• Jinko Power (China)/ Kepco (South Korea)

• Mitsubishi Corporation (Japan)

• Powerchina

The UK’s EY provided the client, Siraj Solar, with financial advisory services during the tendering process with UK legal firm DLA Piper and Finland’s Poyry providing legal and technical advisory services respectively.





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