Abu Dhabi TAQA announces financial closing for the world’s largest solar power plant

electricity 3287817 640Abu Dhabi National Energy Company (TAQA), alongside partners Masdar, EDF Renewables and JinkoPower, has announced the successful financial closing of the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project

The project, located approximately 35 km from Abu Dhabi City, will have a capacity of two gigawatts (GW) and will supply electricity to the Emirates Water and Electricity Company (EWEC). Once operational, the Al Dhafra Solar PV IPP will be the largest single-site solar power plant in the world, using approximately four million solar panels to generate enough electricity for approximately 160,000 homes across the UAE.

Financing for the project will come from seven international banks, following the signing of the power purchase agreement in July 2020. TAQA will own 40% of the Al Dhafra project, while the remaining partners – Masdar, EDF Renewables and JinkoPower – will have a 20% stake each. 

The plant will deploy the latest in crystalline, bifacial solar technology to enable the plant to provide more efficient electricity by capturing solar irradiation from both the front and back of the panel. Upon full commercial operation, Abu Dhabi’s CO2 emissions are expected to be reduced by more than 2.4 million metric tons per year, equivalent to removing approximately 470,000 cars from the road.

Jasim Husain Thabet, Group CEO and managing director at TAQA, said, “The financial closing of the solar plant marks the beginning of an important chapter for this IPP project, for TAQA Group and the UAE as we continue to deliver on our bold clean energy ambitions, while demonstrating the commercial and operational viability of utility-scale single-site solar projects. Through this project and many others – such as TAQA’s Noor Abu Dhabi, currently the world’s largest operational solar power plant – we have established the company as a trusted integrated utilities partner leading the sector’s transformation in the UAE and beyond. We have an expanded portfolio of power and water assets that we will grow further through a disciplined approach, adding value for our shareholders and delivering a diverse supply of energy for our stakeholders and the communities in which we operate.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?