JinkoSolar Holding Co., Ltd., a global leader in the photovoltaic (“PV”) industry,announced that in a signing ceremony held at the Emirates Palace, the financial agreements for the debt and equity funding for the Sweihan Solar PV Independent Power Project (the “Project”) were signed by the Abu Dhabi Water and Electricity Authority (“ADWEA”), Sweihan Solar Holding Company Limited (“Sweihan”), a joint venture between JinkoSolar and Marubeni Corporation (“Marubeni”), and a syndicate of international and local banks.
The agreements closed a US$870 million financing for the Project, an 1,177 MW (DC) solar PV project with a 25-year PPA signed with ADWEA. The Project is expected to reach commercial operation date in April 2019.
“Today’s Financial Closing is the culmination of 18 months of hard work, determination and commitment from many people, from multiple Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors,” commented H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA. “I would like to take this opportunity to thank all those involved in making today’s milestone possible. However today’s event is just the beginning. Over the course of the next 2 years, the vision of the Sweihan PV Project will become reality.”
“The financial closing of the Sweihan Project is an important step-forward to energize one of the largest solar power plants in the world,” commented Mr. Xiande Li, Chairman of JinkoSolar. “We will continue to cultivate to the successful completion, operation, and maintenance of the Sweihan project with the highest standard, along with our partners ADWEA and Marubeni.”
About JinkoSolar Holding Co., Ltd.
JinkoSolar is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 5.0GW for silicon ingots and wafers, 4.0GW for solar cells, and 6.5 GW for solar modules, as of December 31, 2016.
JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, and 15 overseas subsidiaries across Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa. JinkoSolar has 18 global sales offices across China (2), United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.