Jinko Energy Know-how Co Ltd (SHA:601778) introduced at present that its subsidiary Al Ghazala Vitality Firm has closed the financing and began development of the 300-MW Saad photo voltaic mission in Saudi Arabia.
Al Ghazala secured the long-term, non-recourse mission financing with an unnamed consortium comprised of three regional main lenders. Saad Photo voltaic’s debt amenities encompass each Islamic and structured senior tranches.
The engineering and development subsidiary of Egyptian multinational firm Elsewedy Electrical S.A.E (EGX: SWDY), Elsewedy Electrical for Transmission and Distribution of Vitality (EET&D) is the EPC contractor.
The photo voltaic park shall be constructed close to the city of Saad east of the capital Riyadh with commissioning scheduled for the fourth quarter of 2024. The mission was awarded to Jinko Energy within the third spherical of Saudi Arabia’s Nationwide Renewable Vitality Programme (NREP) public sale.
The photo voltaic plant has a 25-year energy buy settlement (PPA) with the Saudi Energy Procurement Firm (SPPC).
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