800 MW solar power project in Qatar reaches financial close

24 Jul 2020

The 800 MW Siraj-1 solar PV project in Al Kharsaah (Qatar) has reached financial close after securing senior loans from the Japanese banks Japan Bank for International Cooperation (JBIC) and Mizuho Corporate Bank. The QAR 1.7bn (US$465m) project will be built and operated by the Siraj-1 Company, a joint venture of Siraj Energy (a joint venture of Qatar General Electricity and Water Corporation (Kahramaa) and Qatar Petroleum) with 60% and a consortium of Marubeni Corporation and Total (40%) that won a tender for the project in January 2020. The first phase of the project (350 MW) is expected to be completed in the second quarter of 2021 and the project should be fully operational in the first quarter of 2022. The project will sell its power generation to Kahramaa under a 25-year power purchase agreement (PPA) at a price of QAR 0.0528/kWh (US$1.45c/kWh), the cheapest in the world for solar PV so far.

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