Construction of a 1177 MW solar power plant in Abu Dhabi has started after the Emirate’s utility secured a $872 million financing package for the project.
The Abu Dhabi Electricity and Water Authority (Adwea) has raised $650 million in debt and a further $222 million of equity for the Sweihan solar project, which will be built by Japan’s Marubeni and JinkoSolar of China.
Bank of Tokyo Mitsubishi was the leading arranger of the loan along with three other Japanese banks – Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Norinchukin Bank. BNP Paribas Credit Agricole, Natixis and First Abu Dhabi Bank were also part of the deal.
Adwea, Marubeni and JinkoSolar are providing the equity for the project, which is due to be completed in 2019.
Marubeni and JinkoSolar were awarded the contract to build and operate Suweihan earlier in 2017 after submitting the lowest bid to provide electricity at a non-weighted cost of 2.94 cents per kWh.
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