ADWEA to close AED3.2bn solar plant financing in April 2017
Abu Dhabi's government-owned power utility Abu Dhabi Water & Electricity Authority (ADWEA) aims to close a financing package of AED3.2bn (USD872mn) for a solar power plant by April 2017, which will be the world's largest, according to a senior official at the utility. Last week, ADWEA said it had selected a consortium of Japan's Marubeni Corp and China's JinkoSolar Holding to build and operate the 1,177 megawatt plant. The duo were selected from six bids received by ADWEA last September. The project is ADWEA'S first foray into renewable energy. Abu Dhabi aims to generate 7% of its energy from renewables by 2020; the government's green energy firm Masdar has launched renewable energy projects including solar plants. The plant, to become operational in 2019, will be funded 25% by equity and 75% by debt, according to Adel al-Saeedi, acting director of privatisation at ADWEA. ADWEA would contribute the equity while local and international banks would fund the debt.
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