Jinko Power Announces PPA Signing for Tabarjal 400 MW Solar PV Project in the Kingdom of Saudi Arabia
SHANGHAI, Nov. 10, 2023 /PRNewswire/ -- Jinko Power Technology Co., Ltd (601778.SH), (the "Company") or "JinkoPower" is pleased to announce the successful signing of Power Purchase Agreement (PPA) with the Saudi Power Procurement Company (SPPC) for the Tabarjal 400 MW Solar PV Project (the "Project"), under the Round 4 of National Renewable Energy Program (NREP). This is an important step forward for Jinko Power's strategy to grow business in the Kingdom of Saudi Arabia (KSA) in addition to its first project, SAAD 300 MWac, which was awarded in 2022 and is currently under construction. With this latest addition, Jinko Power's total portfolio of projects in the Kingdom of Saudi Arabia now stands at 700 MWp in terms of net MWs awarded /currently under construction, which makes it one of the leading developer in the Kingdom renewable energy market. The Project is located approximately 17 km northeast of the city of Tabarjal, in the Al-Jouf Province, KSA. Electricity generated from the Project will be acquired by SPPC through a 25-year PPA. The construction is scheduled to spread over 2024 to 2025. The plant will use bifacial solar panels, the latest technology that will receive solar irradiation on both the front and backside of the panels, thus increasing energy generation efficiency. Once operational, the plant is expected to reduce KSA's CO2 emissions by more than [717] thousand metric tons per year. "We are delighted to continue our successful track record in the Kingdom of Saudi Arabia with our second successful tender submission in a span of 3 years since we entered into the KSA," Charles Bai, President of JinkoPower International Business said. "This award underpins our commitment to the Kingdom's renewable energy roadmap and I look forward to a successful development and construction of this portfolio of projects. We would like to thank SPPC and Ministry of Energy for a fair and efficient tendering process paving the way for international developers like ourselves to enter and thrive in the market. We are keenly looking for future pipeline projects given its massive potential, as well as strategic alignment towards decarbonisation and renewable energy generation in the Kingdom," he added.
Mothana Qteishat, Vice-President of JinkoPower International Business, said, "We are extremely pleased that JinkoPower has achieved a 100% track record with respect to our participation in tenders in the Kingdom of Saudi Arabia, having participated in and won two tenders. With Tabarjal and Saad projects, JinkoPower shall own 700MW in the kingdom. The achievement of financial close for the SAAD project and signing of the PPA for the Tabarjal project shall cement our foundations in KSA and allow for many further successes in the Kingdom."
About Jinko Power
Founded in 2011, Jinko Power is a well-known global IPP that develops, builds, finances, owns and operates solar power plants. We strive to make solar the most sustainable and competitive source of energy worldwide.
As of June 2023, the company has owned and connected over 4 GW solar projects in China and over 4.2 GW of solar projects operating or under construction globally. We manage a large international portfolio of assets, including the world's largest solar plant under operation that we partially took part in. We are developing a global pipeline of GW scaled projects in our key markets including China, the Middle East, Europe, Latin America and Asia Pacific.
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