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China’s Jinko Power Technology Co said on Monday that a consortium led by its subsidiary Jinko Power (HK) Company has won the bid for the 300-megawatt Saad Solar Photovoltaic (PV) Independent Power Project (IPP) in Saudi Arabia.
The project is part of Category B projects under the third round of the Kingdom's National Renewable Energy Programme (NREP).
Jinko Power said in a stock exchange statement that the consortium had submitted the winning LCOE [Levelised Cost of Energy] tariff of 5.5626 halalas/kWh (approximately 1.48 cents/kWh) for the project.
The company said the project would be developed at a total investment of about $209 million.
Other members of the consortium are Jinko Power Middle East Holding Co and Jinko Power Dhafra Holding Co.
In October 2021, the Saudi Ministry of Energy had announced that it had shortlisted two consortiums for the Saad Solar PV IPP. The second consortium, comprising the UAE’s Abu Dhabi Future Energy Company (Masdar), France’s EDF Renouvelables, and Saudi Nesma Company, had submitted an LCOE tariff of 6.85321 halalas/kWh (approximately 1.83 cents/kWh).
Jinko Power said the Build-Own-Operate (BOO) project is expected to have a construction period of 24 months and an operation period of 30 years.
“At present, the company has not signed a formal electricity purchase and sale agreement with the power purchaser and has not officially obtained the project,” the stock exchange statement noted.
It said the average annual power generation of the project, after completion, will be about 876 million kWh.
(Writing by SA Kader; Editing by Anoop Menon)
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