A 300MW solar project in Saudi Arabia has reached financial close.
China-headquartered Jinko Solar is developing the 300MW Saad project.
Lenders to the project comprise Riyad Bank, Abu Dhabi Islamic Bank and Arab Petroleum Investment Corporation.
They were advised by the law firm Bracewell.
The project had navigated “difficult macro-economic conditions, including spiralling inflation and material sourcing difficulties”, ahead of financial close, Bracewell stated.
Tom Jamieson, who led Bracewell’s team on the financing, said: “We are delighted to have worked on this landmark utility scale solar project financing in the Kingdom.
“When coupled with our recent work on the award-winning Rabigh 300 MW solar PV IPP and the 800 MW Al Kharsaah solar PV IPP, this is another fantastic example of Bracewell’s continued leadership on renewables projects in region.”