Jinko Power wins 300 MW solar project in Saudi Arabia

Jinko Power Technology Co Ltd (SHA:601778) has been awarded a 300-MWp solar photovoltaic project in Saudi Arabia by the kingdom's Ministry of Energy as part of a recent public auction.

The award includes a power purchase agreement (PPA) under which the electricity produced by the Saad solar plant will be delivered to the Saudi Power Procurement Company (SPPC) for a period of 25 years, Jinko Power said on Tuesday.

The solar park, to be built in the Central Province about 80 kilometres (49.71 miles) from the capital Riyadh, will be equipped with bifacial solar modules which are able to capture sunlight on both sides of the panel to boost its efficiency. Construction works will take place in 2022 and 2023. Once operational, the park will reduce the carbon emissions in Riyadh by over 500,000 tonnes per year.

The project is valued at SAR 800 million (USD 213.3m/EUR 195.4m).

"The award sets another key milestone in our success in the region and positions us strategically in one of the largest and fastest growing renewable markets globally," said Jinko Power's chairman Xiande Li.

The project supports Saudi Arabia on the path to its goals set in Saudi Vision 2030. During the signing of the PPA, Saudi Arabia's energy minister Abdulaziz bin Salman bin Abdulaziz Al Saud said that the energy industry in the country aims to launch additional renewable energy projects with a total capacity of around 15 GW in 2022 and 2023.

(SAR 1.0 = USD 0.266/EUR 0.244)

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