Japan Bank for International Cooperation (JBIC) has signed a project finance loan agreement of up to approximately USD 152 million for the Yanbu onshore wind farm project in Saudi Arabia, providing its portion of a wider financing package totalling around USD 305 million.
The loan has been extended to Riyah Al Sahil Company (Al Sahil), which is jointly owned by Marubeni Corporation and Abdul Aziz Al Ajlan Sons Company (Ajlan & Bros). The financing is co-arranged with Sumitomo Mitsui Trust Bank, Standard Chartered Bank and Bank of China.
Under the project, Al Sahil will build, own and operate a 700 MW onshore wind farm in Yanbu, located in Saudi Arabia’s Al Madinah Province. Electricity generated by the project will be sold to Saudi Power Procurement Company under a 25-year power purchase agreement. The loan marks JBIC’s latest support for an independent power producer renewable energy project in Saudi Arabia, following earlier financing for the Rabigh solar power project and the Al-Ghat and Waad Al Shamal onshore wind farms.
JBIC said the financing aligns with Japan’s Infrastructure System Overseas Promotion Strategy 2030 and the Seventh Strategic Energy Plan, which position decarbonisation and green transformation as growth opportunities and promote the overseas deployment of high-quality Japanese infrastructure and technologies. The bank added that the project supports the international expansion of Japanese companies involved in renewable energy and contributes to strengthening Japan’s industrial competitiveness and economic security.
The Yanbu wind farm forms part of Saudi Arabia’s National Renewable Energy Program, overseen by the Ministry of Energy, which targets around 50% of total power generation capacity from renewable energy and storage sources by 2030, subject to demand growth. Saudi Arabia is a key energy partner for Japan, and both countries have committed to deepening cooperation across energy and other sectors, including through the establishment of a Strategic Partnership Council in February 2025.
JBIC said it will continue to support overseas infrastructure projects led by Japanese companies, using its financial tools and risk-sharing capabilities to advance global decarbonisation while strengthening economic ties with partner countries.
