A developer of solar gigawatts for the Middle East

UAE

Mothana Bahjeat Qteishat, vice-president and head of international tenders at Jinko Power Technology Company, talks to The Energy Year about the competitive advantages of Chinese PV technology and the company’s ongoing search for domestic and international investment partnerships. Jinko Power is a Shanghai-listed entity specialising in the development, construction and operation of solar plants and investing in renewable energy projects globally and more specifically in the Middle East.

What are the main challenges that you face relative to your regional competitors?
Our primary challenge in the Middle East has been competing against entities with significantly larger balance sheets, often 50 to 100 times the size of ours, and sometimes backed by sovereign states. These competitors, which include state-owned enterprises and giant utilities, often have access to lower-cost capital, a critical factor in driving down the cost of energy in large-scale renewable projects.
To address this, we are actively pursuing long-term partnerships with financial and industrial players both domestically and internationally to optimise our cost of capital and strengthen our position.
Despite these challenges, Jinko Power remains a leader in the renewable energy market. Our success stems from unmatched expertise in PV technology, a deep understanding of the sector and strong regional roots. Furthermore, while the Middle East boasts abundant liquidity for renewable energy, only a handful of developers can effectively deploy and manage these resources sustainably. This is where Jinko Power excels, leveraging our capabilities in development, construction and asset management to deliver long-term, profitable growth.

How important is Saudi Arabia for Jinko and the renewable energy market?
Saudi Arabia is one of the world’s largest and most significant markets for renewable energy, with an ambitious target of reaching 130 GW in capacity by 2030. The market is vast, well-structured and highly competitive, making it a critical focus for Jinko Power.
We have established a strong foothold in Saudi Arabia, starting with our first award-winning bid in the third round of the competitive programme for the 300-MW Saad Solar PV Project, now nearing its commercial operation date. In 2022, we expanded our portfolio with the 400-MW Tabarjal Solar Power Project, which recently achieved financial close and has entered the construction phase.
Each of these projects represents an investment of approximately USD 200 million. Remarkably, Jinko Power was the only foreign developer to independently bid for and execute these projects without a local partner. This achievement highlights our deep understanding of the market, our regional roots and our robust presence. Currently, we have a dedicated team of over 30 employees based in Saudi Arabia, and we expect this number to double in the coming years as we scale our operations.
Our ability to operate successfully in Saudi Arabia as a Chinese company, without local partnerships, underscores our technical expertise and adaptability. This success has inspired other international investors to adopt similar models. Saudi Arabia’s renewable energy ambitions align perfectly with our mission, and Jinko Power is committed to playing a key role in supporting the kingdom’s energy transition goals.

What advantages have you experienced as a Chinese company operating in the GCC?
Our technological background as a Chinese company has been a key driver of our competitive position in the GCC. Today, approximately 80% of the cost components in solar energy projects, particularly procurement, originate from China. This includes the PV module – the most significant cost element – which is a core area of our expertise.
Being rooted at the heart of the solar value chain has allowed us to leverage numerous advantages from China over the past decade. Beyond sourcing components, we have successfully mobilised Chinese EPC contractors and secured debt and project financing from Chinese banks, often supported by Sinosure where necessary.
Furthermore, we are now increasingly engaging Chinese equity investors, enabling us to strengthen our position in the region. This integrated approach that combines expertise, resources and financial backing has been instrumental in our success in the GCC solar energy market.

Which segments of the solar energy market are you targeting for your future expansion?
This year marks a decade since Jinko Power began its international operations in 2015, starting with a portfolio of around 5 GW in the GCC. Our current projects include two in Saudi Arabia, two in Abu Dhabi and a 600-MW facility under construction in Oman.
Noteworthy milestones include the PV1 project in Sweihan, the world’s first gigawatt-scale solar project and the lowest-cost solar energy producer of its time, and PV2 in Al Dhafra, commissioned last year with nearly double the capacity of PV1 and the most cost-effective solar energy at the time of financial close and commercial operation.
We remain committed to our core markets, continuously developing and bidding for projects while preparing to respond to the large pipeline ahead. In addition to our traditional development projects, we are expanding into asset management. With our expertise as a technology provider, EPC contractor, project developer and O&M service provider, we are uniquely positioned to offer asset management services to third-party portfolios in the region.
Our on-ground team of over 30 professionals in Saudi Arabia will play a pivotal role in this, starting with our wholly owned projects and extending to managing external portfolios.
Energy storage is another key segment we are targeting for future growth. As renewable energy penetration increases, storage becomes essential for grid stability and to support the sustainable expansion of energy resources. Over the years, we have been developing in-house technical and commercial expertise in storage and working closely with regional government entities to influence strategies and policies for integrating storage into the grid. We see vast potential for energy storage in the UAE, Saudi Arabia and Oman, and expect storage to become a core part of our business over the next decade, complementing our solar PV pipeline.
As we look ahead to the next decade in the region, Jinko Power is committed to maintaining its leadership in renewable energy, positioning itself as one of the few private developers offering large-scale sustainable development and investment opportunities in one of the world’s largest and most structured renewable energy markets. To achieve this, we are investing in our teams and securing long-term capital solutions to sustain our growth and leadership.

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