A consortium led by Abu Dhabi National Energy Company (TAQA) and Masdar, a subsidiary of Mubadala Development Company, will develop the world’s largest solar power plant in Abu Dhabi.
The award is for the development of the 2 gigawatt (GW) Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project, which will be located approximately 35 kilometers from Abu Dhabi city.
The project’s power purchase agreement (PPA) and shareholders’ agreement were signed with The Emirates Water and Electricity Company (EWEC).
EWEC said in a statement that the consortium also comprises of French electric utility company EDF and JinkoPower, a Chinese solar energy company.
“The rigorous procurement process resulted in one of the most cost-competitive tariffs for solar PV energy, set at AED 4.97 fils/kWh (USD 1.35 cents/kWh) on a levelized cost of electricity (LCOE) basis,” EWEC said in the statement.
“Through this project, 60% will be owned by a consortium comprising TAQA and Masdar, while the remaining 40% will be owned by EDF and JinkoPower,” the statement added.
The project’s financial closure is expected to occur in the third quarter of the year, enabling initial power generation in H1 2022 and full generation by H2 2022.
The plant will increase Abu Dhabi’s solar power capacity to approximately 3.2 GW once fully operational.
(Reporting by Gerard Aoun; editing by Seban Scaria)
#TAQA #MASDAR #ABUDHABI #SOLAR #ENERGY
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020