The Saudi-based subsidiary of Jinko Power Technology Co., Ltd., Al Ghazala Energy Company, has achieved financial close and begun construction on its 300 MW Saad Solar PV Project in Saudi Arabia. The project, which is set to be completed and commissioned in the fourth quarter of 2024, will be built by the Engineering and Construction subsidiary of the Egyptian multinational company Elsewedy Electric, Elsewedy Electric for Transmission and Distribution of Energy (EET&D). The scope of their full-wrap EPC contract includes design, supply, construction, warranty, initial operation, and maintenance of the project.
A consortium of three leading regional lenders 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 begin construction, Ghazala has begun mobilizing its workforce and the EPC contractor on site.
Charles Bai, President of Jinko Power International Business, stated, “The financial closing 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 Saudi Arabia and its capabilities to develop and execute projects with professionally experienced teams spanning across technical, supply chain, finance, legal, and project management. We remain committed to the kingdom and to the successful completion and operation of the project.”
Mothana Qteishat, Senior Managing Director of Jinko Power, added, “A great start to the year 2023. The closing of the Saad Project underpins our commitment towards 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 (1.2 GW Sweihan Project in Abu Dhabi), the world's largest single-site plant under construction (2.1 GW Dhafra Project in Abu Dhabi). We are glad to have elected Elsewedy Electric as our partner/EPC Contractor for our first project in the kingdom, who brings their regional know-how.”
