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

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.
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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.
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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.

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