ADWEA close to financing $872m solar power plantby Jumana Abdel-Razzaq on Mar 7, 2017
Abu Dhabi Water & Electricity Authority (ADWEA) is close to financing an $872m solar power plant, or what will become the largest solar plant in the world upon completion, aiming to finalise the deal next month.
ADWEA said last week that it had selected a consortium of Japan's Marubeni Corp and China's JinkoSolar Holding to build and operate the 1,177 megawatt plant, selected from six bids received by ADWEA in September, Reuters reported.
The two companies have signed a 25-year power purchase agreement (PPA) with Abu Dhabi Water and Electricity Company (ADWEC) to build a PV plant, scheduled for completion in September 2019.
Marubeni said that international project lenders will fund the venture.
The winning bid was awarded at a competitive price of $2.42 cents per kilowatt hour, one of lowest prices on record in the solar industry.
However, Chinese companies do not have much experience with developing power projects overseas, and the recent consortium does not indicate a change in that trend, according to industry leaders at the China State Construction Engineering Corperation (CSCEC).