Marubeni, JinkoSolar and Abu Dhabi Water and Electricity Authority (ADWEA) have signed a limited-recourse financing loan agreement for the Sweihan photovoltaic independent power project (IPP), situated in the UAE capital
The US$850mn financing includes the construction of a 1,177MW power plant under a 25-year power purchase agreement with ADWEA. The project is due to reach commercial operation in April 2019.
This project, which is one of the largest and most competitive PV power projects in the world and the first renewable project for ADWEA and ADWEC, will be the fifth asset in the UAE for Marubeni.
?Today?s financial closing is the culmination of 18 months of hard work, determination and commitment from many people, from multiple Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors,? said HE Abdullah Ali Musleh Al Ahbabi, chairman of ADWEA. ?I would like to take this opportunity to thank all those involved in making today?s milestone possible. However, today?s event is just the beginning. Over the course of the next two years, the vision of the Sweihan PV Project will become reality.?
Marubeni, as a leading developer and operator of international power projects, owns and operates four thermal independent power and water projects in the UAE ? Taweelah B IWPP, Fujairah F2 IWPP, Taweelah A2 IWPP and Shuweihat S2 IWPP.