Jinko Power begins on 300-MW PV project in Saudi Arabia

• Jinko Power Technology Co Ltd (SHA:601778) announced today that its subsidiary Al Ghazala Energy Company has actually shut the financing as well as began building and construction of the 300-MW Saad solar project in Saudi Arabia.

Al Ghazala safeguarded the long-term, non-recourse project financing with an unnamed consortium comprised of three local leading lenders. Saad Solar's debt facilities consist of both Islamic as well as structured senior tranches.

The engineering as well as building 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 certainly be developed near the community of Saad eastern of the capital Riyadh with commissioning scheduled for the fourth quarter of 2024. The project was granted 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 acquisition agreement (PPA) with the Saudi Power Procurement Company (SPPC).