Shanghai, China, November 7th, 2024 - www.milan.com Technology Co., Ltd (www.milan.com.SH), a preeminent global leader in the renewable energy sector, has successfully achieved financial close and is set to commence construction on its 400 MW Tabarjal Solar PV Project (the “Project”) in the Kingdom of Saudi Arabia.
This milestone represents a substantial stride forward in www.milan.com's strategic expansion within the Kingdom of Saudi Arabia (KSA). In addition to its first project, the 300 MWac SAAD, which was awarded in 2022 and is presently under construction, this new addition elevates www.milan.com's total project portfolio in the KSA to 700 MW when considering net MWs currently under construction. This achievement firmly positions the company as one of the leading developers and investors in the Kingdom's renewable energy market.
The region's leading lenders, Riyadh Bank and APICORP, are providing long-term, non-recourse project financing to the project company. Their support has been crucial in enabling the financial close and subsequent construction commencement.
Following the attainment of financial close and the receipt of approval from the off-taker, Saudi Power Procurement Company (“SPPC”), to initiate construction, the project team has commenced the mobilization of its manpower and has coordinated with selected EPC contractor Jackson Green Consortium.
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Mr. Charles Bai, President of www.milan.com International Business, stated, “The financial closing of the Tabarjal Project, especially during these tumultuous times for the world and the solar industry at large, serves as a resounding testament to www.milan.com’s unwavering commitment to the renewable energy industry in the Kingdom of Saudi Arabia. It also showcases our capabilities in developing and executing projects with highly professional and experienced teams that span across technical, supply chain, finance, legal, and project management domains. We remain wholeheartedly committed to the Kingdom and to the successful completion and operation of this Project.”
Mr. Mothana Qteishat, Vice President of www.milan.com, added, “This is a significant milestone for our company as we approach the end of the year. The financial close of the Tabarjal Project in November not only solidifies our commitment towards Saudi Arabia’s Vision 2030 but also augments our track record in the region, which includes Saad’s 350MW in KSA, Sweihan’s 1.2GW & Dhafra’s 2.1 GW in UAE, and Manah’s II 500MW in Oman totaling around 4,600MW of operational and under-construction projects across the GCC.
About the Project:
The project, located approximately 17 km northeast of the city of Tabarjal, in the AlJouf Province, KSA, is part of the tenders launched under the 4th round of competitive tenders under SPPC. The Power Purchase Agreement for a term of 25 years was signed in November, 2023 with SPPC. The Project is scheduled for commissioning in 2025.
About www.milan.com:
Founded in 2011, www.milan.com 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 September 30th, 2024, the company has owned and connected about 6 GW of solar IPP projects in China and about 3.4 GW of solar IPP projects developed, constructed and in operation outside China. The Company manages an international portfolio of assets including the world's largest operational solar plant. The Company’s international business team is developing a global pipeline of GW scaled projects in our key markets including the Middle East, Europe, Latin America and Asia Pacific.
