Jinko Power Announces Financial Close for 300 MW Saad Solar PV Project In Saudi Arabia

Elsewedy Electric for Transmission and Distribution of Energy ("EET&D"), an engineering and construction subsidiary of the Egyptian multinational company Elsewedy Electric, has been selected as the EPC contractor for the project. The scope of the full-wrap EPC contract includes design, supply, construction, warranty, initial operation, and maintenance of the project. (read more)

A consortium of three leading lenders in the region is providing long-term, non-recourse project financing to Ghazala, the project company. The project debt facilities comprise both Islamic and structured senior tranches.

Ghazala has started getting its workers and the EPC contractor ready to start building now that financial close has been reached and Saudi Power Procurement Company (SPPC) has given the go-ahead.

President of Jinko Power International Business, Mr. Charles Bai, said, "The financial closure of the Saad Project during tumultuous times for the world and the solar industry specifically is a testament to Jinko Power’s commitment to the renewable industry in the Kingdom of Saudi Arabia and Jinko Power’s capabilities to develop and execute projects with professionally experienced teams spanning across the technical, supply chain, finance, legal, and project management disciplines." "We remain committed to the Kingdom and to the successful completion and operation of the project."

The senior managing director of Jinko Power, Mr. Mothana Qteishat, added: "A great start to the year 2023." The closure of the Saad Project underpins our commitment to HRH Prince Mohammad Bin Salman and Saudi Arabia’s Vision 2030. This adds very well to our track record in the region with the world’s largest single-site solar plant under operation (the 1.2 GW Sweihan Project in Abu Dhabi) and the world’s largest single-site plant under construction (the 2.1 GW Dhafra Project in Abu Dhabi). "We are glad to have elected Elsewedy Electric as our partner and EPC contractor for our first project in the Kingdom, who brings their regional know-how."

The project, located in the vicinity of the town of Saad in the Kingdom of Saudi Arabia, is part of Category B projects under the third round of competitive tenders of the Kingdom’s National Renewable Energy Programme (NREP). The Power Purchase Agreement for a term of 25 years was signed in March 2022 with SPPC. The project is scheduled for commissioning in Q4 2024.