Japanese banks ink pact to finance Qatar’s 800 MW solar project

Qatar’s 800 MW Siraj 1 solar project has reached financial closure with the Japan Bank for International Cooperation and Mizuho Bank agreeing to finance the construction of the project. The Japanese lenders have signed a $330 million syndicated loan, according to the Qatar General Electricity and Water Corporation. The Siraj 1 solar project is being developed at Al Kharsaah, west of Doha, and is expected to start commercial operations from April 2022. The project will be owned and managed by a special purpose company established by the Japanese trading house Marubeni Corporation and the French oil giant Total S.A. along with a Qatari energy firm. It will sell electricity for 25 years to the Qatar General Electricity and Water Corporation. A consortium led by Total and Marubeni secured the project in January 2020. The power generated from the project will be sold for $0.01449 per kWh.

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