The Dumat Al Jandal Wind IPP project financing successfully closed. This 400-megawatt greenfield onshore wind farm, located in the northern region of Al Jouf in Saudi Arabia, will be the first utility-scale onshore wind project in the Gulf countries.
It will support the country in increasing its renewable capacity to 27.3GW in 2023 (including 7GW wind). The country's Renewable Energy Project Development Office awarded the contract to UAE’s Masdar and EDF Renewables with the lowest world record breaking tariff of US$ 2.127cts/kWh. The final tariff ended up being below US$ 2cts/kWh thanks to a drop in interest rates since bid submission.
Natixis acted as Mandated Lead Arranger, Global Facility Agent, Offshore Security Agent, Offshore Account Bank and Hedge Provider for the US$ 270 million financing.