Jinko Power Technology Co., Ltd has announced the financial close of its 400 MW Tabarjal Solar PV Project in Saudi Arabia, paving the way for construction to begin.
The project’s financing is supported by long-term, non-recourse funding from Riyadh Bank and the Arab Petroleum Investments Corporation (APICORP).
Following financial close, the Saudi Power Procurement Company (SPPC), the main off-taker, has approved construction mobilization, with Jackson Green Consortium selected as the engineering, procurement, and construction (EPC) contractor.
The Tabarjal project is located 17 kilometers northeast of Tabarjal in the Al-Jouf Province and was awarded under the fourth round of the Kingdom’s National Renewable Energy Programme (NREP) tenders.
It is set to begin operation in 2025 and is underpinned by a 25-year Power Purchase Agreement (PPA) signed in November 2023 at a record-breaking tariff of $0.0170 per kWh.
“Amid global challenges facing the solar industry, the Tabarjal project reaffirms our ability to deliver high-impact renewable energy initiatives,” he said Charles Bai, President of Jinko Power International Business, expressing the company’s commitment to supporting Saudi Arabia’s Vision 2030.
With Saudi Arabia targeting 50% of its energy from renewable sources by 2030, Jinko Power is actively exploring additional projects to capitalize on the Kingdom’s vast potential for solar power generation.
The Tabarjal project builds on Jinko Power’s success with the 300 MWac SAAD solar project, currently under construction, increasing the company’s total project portfolio in Saudi Arabia to 700 MW of net capacity under development.
Jinko Power’s footprint in the GCC includes major projects like the 1.2 GW Sweihan Solar Park and the 2.1 GW Al Dhafra Solar Project in the UAE, alongside the 500 MW Manah II Solar Project in Oman, contributing to a total of 4.6 GW of operational and under-construction capacity across the region.
Meanwhile, Saudi Arabia is advancing its clean energy ambitions under Vision 2030 with recent developments that include the 1.1 GW Al Henakiyah Solar Project, awarded to a consortium featuring Masdar and EDF Renewables.
