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Abu Dhabi Water and Electricity Authority (ADWEA) has selected advisers for a 350MW solar park in Abu Dhabi
The Abu Dhabi utility has selected its financial, legal and technical advisers for the project to be built in Sweihan, about an hour’s drive east of the capital, reported The National.
This will mark Adwea’s first foray into the solar sector, and many companies are lining up to get a chunk of the project, including regional firms such as Masdar and the Saudi companies Acwa Power and Abdul Latif Jameel, the report stated.
The park will produce enough electricity to power more than 50,000 homes, with Adwea paying only for the net electricity supplied by the plant. The utility is to own 60 per cent of the project with the developer (which has yet to be selected) holding the remaining stake, it added.
The lobbying firm Akin Gump Strauss Hauer & Feld has been chosen to handle the legal side, while Alderbrook Finance will take the lead as financial adviser.
Fichtner, a German company, confirmed that it was appointed as technical adviser. The independent engineering consultancy is also involved in the third phase of the Mohammed bin Rashid Al Maktoum PV solar park, which will produce 800MW, stated the report.