SHANGHAI, March 8, 2022 /PRNewswire/ -- Jinko Power Technology Co., Ltd, (the "Company" or "JinkoPower" (601778.SH) announced today that it was awarded the Saad 300MWp Solar PV Project in the recent public auction for Round 3 Category "B" solar PV projects by Saudi Arabia's Ministry of Energy.
The Saad 300MWp project (the "Project") is to be located in Central Province, approximately 80 kms from Riyadh. Electricity generated from the Project will be acquired by Saudi Power Procurement Company (SPPC) through a 25-year power purchase agreement. The construction is scheduled to spread over 2022 to 2023.
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 Riyadh's CO2 emissions by more than 0.5 million metric tons per year, equivalent to removing approximately 100,000 cars from the road.
HRH Minister of Energy, Prince Abdulaziz bin Salman, said that the award of the projects represents another successful milestone to deliver the National Renewable Energy Program targets and is a testament to the commitment of the Kingdom to reduce energy related emissions while building a holistic and results-oriented Circular Carbon Economy. They also are practical steps towards achieving a number of strategic Saudi Vision 2030 goals, for the energy ecosystem in general and for the electricity sector in particular.
Xiande Li, Chairman of JinkoPower, commented:
"We are pleased with the award of Saad 300MW Project from the Kingdom of Saudi Arabia. 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. We are proud to be able to make valuable contribution through execution of this project to the grant growth plan set in 2030 Vision by the government. We appreciate Ministry of Energy, its advisers and all the stakeholders for their professionalism and diligence throughout the process and will work closely with them to ensure successful execution of the project."
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 July 2021, the company has owned and connected about 3.1 GW of solar projects in China and 3.5 GW of solar projects operating or under construction. We also 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.
