Thursday, May 25, 2017

Abu Dhabi Closes $872 Million Financing for World's Largest Solar Plant

The world's largest: The Shams 1 concentrated solar energy power plant in Abu Dhabi features more than 258,000 mirrors mounted on 768 tracking parabolic trough collectors, covering an area of 2.5 sq/km (Credit: EPA) Click to Enlarge.
Abu Dhabi's government-owned power utility has closed a 3.2 billion dirham ($872 million) financing package for what will be the world's largest solar power plant, the utility's top official said on Wednesday.

Abu Dhabi Water & Electricity Authority (ADWEA) raised $650 million in debt with the remaining $222 million raised in equity, Director General Saif Saleh al-Sayari told reporters.

A consortium of Japan's Marubeni Corp and China's JinkoSolar Holding were selected this year to build and operate the 1,177 megawatt plant.

“The financing which is completed is a $650 million project finance from local and international commercial banks,” al-Sayari said, adding that the 25-year loan is structured in a way that will allow refinancing after five years.
Construction of the independent solar plant with a capacity of 1,177 megawatts will begin immediately with completion scheduled for the second quarter of 2019.
The winning bidders offered to provide electricity for 2.42 cents per kilowatt hour, one of the most competitive prices seen in the solar industry.

Read more at Abu Dhabi Closes $872 Million Financing for World's Largest Solar Plant

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