Connect with us

Hi, what are you looking for?

CleanTechnica
The Abu Dhabi Water and Electricity Authority is set to close a funding deal for the cheapest solar power project next month.

Clean Power

Abu Dhabi Set To Close $872 Million Funding Deal For 1.177 Gigawatt Solar Project

The Abu Dhabi Water and Electricity Authority is set to close a funding deal for the cheapest solar power project next month.

Originally published on CleanTechies.

The Abu Dhabi Water and Electricity Authority is set to close a funding deal for the cheapest solar power project next month.

According to media reports, ADWEA will secure funding worth $872 million to set up 1,177 megawatts of solar power capacity. The project has already been allocated to a consortium of Marubeni and JinkoSolar. The project will come up in eastern Abu Dhabi over an area of 7.8 square kilometers. Final agreements for the project are expected to be signed very soon, with commissioning scheduled for 2019.

Abu Dhabi Water & Electricity Authority will arrange for 60% finance through debt (likely at very low interest rates), and Marubeni and JinkoSolar will provide for 20% of the funding each. Abi Dhabi had awarded the project at a record tariff of 2.42¢/kWh last year. The tariff was the lowest-ever quoted for a solar power project globally at that time.

Dubai Electricity & Water Authority (DEWA) also allocated 200 megawatts of capacity to ACWA Power through auction at one of the cheapest tariffs in the world. The company managed to secure the project at such cheap rates as it had access to debt funding at very low rates.

Reprinted with permission.

 

Advertisement
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Autonomous Vehicles

Welcome to China × Cleantech — January 2021 edition. Our China x Cleantech series covers top cleantech stories in China each month. Happy 牛 Year! I...

BIPV

There are many things in the cleantech world that are inspiring and fun, but there's perhaps nothing that quickly inspires more joy than seeing...

Clean Power

JinkoSolar, one of the largest solar module producers in the world, is ramping up its solar cell production tremendously. It is building a 20...

Clean Power

EDF Renewables and Jinko Power HK, two of the world's largest renewable energy developers, have just scored a big one — the financial closing...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.