Jinko Power Secures Financial Close for 400-MW Solar Project in Saudi Arabia

Chinese solar power producer Jinko Power Technology Co Ltd has secured financial closure for its 400-MW photovoltaic (PV) power plant in Saudi Arabia. The company announced it will begin construction of the Tabarjal Solar project after receiving financing support from Riyadh Bank and APICORP.

Long-Term Financing for Tabarjal Solar Project

The Tabarjal Solar project will be located approximately 17 kilometers northeast of the city of Tabarjal. Jinko Power confirmed that the Riyadh Bank and APICORP have provided long-term, non-recourse financing for the project. However, the specific amount of funding was not disclosed.

Part of Saudi Arabia’s Vision 2030

This new solar plant is part of Saudi Arabia's National Renewable Energy Programme (NREP), which aims to boost renewable energy capacity in the country. The project was awarded a power purchase agreement (PPA) during the fourth round of NREP.

The Saudi Power Procurement Company (SPPC) has now approved the green light for construction to begin. Jinko Power expects the plant to be operational by next year.

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Jinko Power’s Expanding Presence in the GCC

Jinko Power is also developing other major solar projects in the region, including the 300-MW Saad solar project. Mothana Qteishat, Vice President of Jinko Power, said that Tabarjal’s financial closure strengthens the company’s commitment to Saudi Arabia’s Vision 2030.

Qteishat also highlighted the company’s strong regional presence, with about 4,600 MW of solar projects in the GCC.

Global Solar Portfolio

By September 2024, Jinko Power will have about 6 GW of solar Independent Power Producer (IPP) assets in China. The company is also developing 3.4 GW of solar capacity outside China, expanding its global renewable energy footprint.