Jinko Power announces Financial Close for 300 MW Saad Solar PV Project in Saudi Arabia

Jinko Power announces Financial Close for 300 MW Saad Solar PV Project in Saudi Arabia

Al Ghazala Energy Company (Ghazala), the Kingdom of Saudi Arabia-based subsidiary of Jinko Power Technology Co., Ltd , announced that it has achieved financial close and commenced construction of its 300 MW Saad Solar PV Project in the Kingdom.

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 of 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.

With the achievement of financial close and approval from the off-taker, Saudi Power Procurement Company (SPPC), to commence construction, Ghazala has initiated the mobilization of its manpower and the EPC contractor on site.

President of Jinko Power International Business, Mr. Charles Bai, said “The financial closing of the Saad Project during tumultuous times for the world and the solar industry specifically is a testament of Jinko Power’s commitment to the renewable industry in the Kingdom of Saudi Arabia and Jinko Power’s capabilities