Marubeni Corporation, a leading developer and operator of international power projects, said its joint venture with China's JinkoSolar Holding, has won a contract to develop a major photovoltaic (PV) power plant near the town of Sweihan in Abu Dhabi, UAE.
Construction is likely to be completed in April 2019 and will be funded by international project finance
Abu Dhabi Water and Electricity Authority (Adwea) said the Marubeni-JinkoSolar JV was selected to build and operate the 1,177MW plant from among six other bids received by the authority in September 2016.
A special purpose company - owned by Marubeni (20 per cent), JinkoSolar (20 per cent) and Adwea with a 60 per cent stake - will construct, own, operate and maintain the PV plant, said the company in a statement..
Adwea has signed a 25-year power purchase agreement (PPA) under which all generated power will be sold to its wholly-owned entity Abu Dhabi Water and Electricity Company (Adwec).
Commenting on the deal, Abdullah Ali Musleh Al Ahbabi, the chairman of Adwea, said this is a highly significant event for both Abu Dhabi and also for the global Solar PV market.
"Not only the project, but also the price of net electrical energy that we have agreed, will be one of the most competitive prices seen to date in the Solar PV industry," he remarked.
JinkoSolar chairman Xiande Li said: "We are excited to be a part of the significant milestone project to co-develop with Adwec and Marubeni. The execution of the PPA demonstrates our strong technical skills, reliable high-efficiency products and development capabilities."
“We are proud of making a significant contribution to the development of the solar industry in Abu Dhabi," he added.
Marubeni already operates four thermal independent power (and water) projects in the UAE: Taweelah B IWPP, Fujairah F2 IWPP, Taweelah A2 IWPP and Shuweihat S2 IWPP, said a company spokesman.
This project, which is one of the largest and most competitive PV power projects in the world and the first renewable project for Aswea and Adwec, will be the fifth asset in the UAE for Marubeni, he added.-TradeArabia News Service