Jinko Power Secures Financing for Saudi Solar Project

• Jinko Power secures funding for a 400-MW solar project in Saudi Arabia, advancing clean energy goals under Vision 2030. Construction begins soon!

Jinko Power Technology Co Ltd has achieved financial close for a 400-MW solar project in Saudi Arabia, enabling construction to commence. The Tabarjal Solar project, located 17 km northeast of Tabarjal city, received long-term, non-recourse project financing from Riyadh Bank and APICORP, although specific financing figures were not disclosed. The project is part of Saudi Arabia's National Renewable Energy Programme and is expected to become operational next year, following approval from the Saudi Power Procurement Company.

In addition to the Tabarjal project, Jinko Power is also constructing a 300-MW solar facility in the Kingdom. The financial closure represents Jinko's dedication to Saudi Arabia’s Vision 2030, complementing its significant renewable energy projects in the region, which total around 4,600 MW across the GCC. As of September 2024, the company has approximately 6 GW of solar IPP assets in China and another 3.4 GW in various stages outside the country.

What does Jinko Power's financial close mean for Saudi Arabia's renewable energy goals?

Impact of Jinko Power's Financial Close on Saudi Arabia's Renewable Energy Goals

• Acceleration of Renewable Energy Projects: The financial close of Jinko Power's 400-MW solar project signifies a critical step towards the accelerated development and deployment of renewable energy projects in Saudi Arabia, aligning with the nation's aspirations to increase the share of renewables in its energy mix.
• Support for Vision 2030: This initiative directly supports Saudi Arabia’s Vision 2030, which seeks to diversify the economy and reduce dependence on oil by investing in sustainable energy solutions. The successful financing and subsequent construction of renewable projects will bolster the kingdom’s commitments under this vision.
• Job Creation and Economic Impact: The construction and operation of large-scale solar facilities will create numerous jobs, both during the construction phase and in ongoing operations. This contributes not only to the local economy but also aids in the development of a skilled workforce in the burgeoning renewable energy sector.
• Investment Attraction: The successful financial closure by Jinko Power is likely to attract further investments from both local and international investors. It demonstrates the viability of investing in Saudi Arabia's renewable energy sector, encouraging other companies to consider similar projects.
• Energy Security and Sustainability: Expanding solar energy capacity will help enhance the energy security of Saudi Arabia by diversifying its energy sources. This move is crucial for reducing carbon emissions and moving towards a more sustainable and environmentally-friendly energy portfolio.
• Showcase of Technological Leadership: Jinko Power's commitment in the region positions it as a leader in solar technology and project implementation within Saudi Arabia and the broader Gulf Cooperation Council (GCC). This may incentivize further technological advancements and partnerships in the renewable energy field.
• Future Project Momentum: Following the Tabarjal project, the establishment of additional solar facilities, such as the upcoming 300-MW project, indicates a growing momentum in renewable energy development in the region. This ongoing growth could lead to a robust pipeline of projects that will help meet the nation’s ambitious energy targets.
• Alignment with Regional Energy Strategies: Jinko Power’s investment contributes to the collective GCC strategy of moving towards cleaner energy sources, highlighting the region’s commitment to sustainability and helping to position it as a leader in renewable energy innovation globally.
• Potential for Global Partnerships: This successful financial close may pave the way for further partnerships with international firms, enhancing knowledge transfer and skills development in Saudi Arabia's renewable energy sector, and setting a precedent for future collaborative projects.
• Monitoring and Evaluation: The outcomes of the Tabarjal Solar project will be closely monitored to assess performance metrics, which could serve as benchmarks for future projects. These insights would be valuable for policymakers in refining and optimizing the country’s renewable energy strategies.

These points collectively illustrate how Jinko Power's achievement in securing financial closure not only marks a milestone for the company but also significantly advances Saudi Arabia’s broader renewable energy ambitions.