Sinosure US $220 million underwriting the world’s largest photovoltaic power plant project under construction

 Al-Shuba area of Jeddah City photovoltaic power station

Recently, the Guangdong branch of China Credit Insurance issued a specific contract insurance policy for the offshore contract of the 2.6 GW photovoltaic power station project in Al-Shuba, Saudi Arabia, with an insured amount of about 220 million US dollars, which protects the risk of receivables losses of contractors under commercial contracts. The project is a successful case of Sinosure and Chinese contractors actively expanding cooperation in the field of new energy between China and Saudi Arabia.

The project is located in the Al-Shuba area of Jeddah City, Mecca Province, Saudi Arabia, covering an area of about 52 square kilometers, with a totalinstalled capacity of about 2.6 GW, using the world’s most advanced N-type double-sided photovoltaic modules and single-axis automatic solar tracking mounting, is the world’s largest photovoltaic power station under construction. As an important part of Saudi Arabia’s “Vision 2030″ new energy plan, the project will provide 3,000 local jobs during the construction process.

On the morning of August 7 local time in 2023, the installation of the first group of  Ground Solar Mounting Bracket in the A section of the 2.6GW PV project of China NENG in Saudi Arabia was completed, marking the installation of the power station into the key link and the project construction into the fast track.

After completion, it is expected that the total power generation will be 282.2 billion KWH in 35 years, and the carbon dioxide emissions will be reduced by nearly 245 million tons, equivalent to planting 545 million trees in the Saudi desert, which is of great significance to accelerating the transformation of Saudi Arabia’s energy structure and green and low-carbon development.

The project is jointly invested by the Saudi International Electricity and Water Company (Acwa Power), Water and Power Holding Company (Badeel), a subsidiary of the Saudi sovereign wealth Fund, and Saudi Aramco Electricity Company (SAPCO).

Post time: Jan-20-2024