Jinko Power breaks ground on 300-MW PV project in Saudi Arabia
Solar modules. Author: Marco Bellucci. License: Creative Commons, Attribution 2.0 Generic
Jinko Power Technology Co Ltd (SHA:601778) announced today that its subsidiary Al Ghazala Energy Company has closed the financing and started construction of the 300-MW Saad solar project in Saudi Arabia.
Al Ghazala secured the long-term, non-recourse project financing with an unnamed consortium comprised of three regional leading lenders. Saad Solar's debt facilities consist of both Islamic and structured senior tranches.
The engineering and construction subsidiary of Egyptian multinational company Elsewedy Electric S.A.E (EGX: SWDY), Elsewedy Electric for Transmission and Distribution of Energy (EET&D) is the EPC contractor.
The solar park will be built near the town of Saad east of the capital Riyadh with commissioning scheduled for the fourth quarter of 2024. The project was awarded to Jinko Power in the third round of Saudi Arabia's National Renewable Energy Programme (NREP) auction.
The solar plant has a 25-year power purchase agreement (PPA) with the Saudi Power Procurement Company (SPPC).