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EDF Renewables and Jinko Power consortium reaches financial closing Abu Dhabi solar project

This operation has been completed along with TAQA Group and Masdar, the Abu Dhabi-based shareholders and major players in the electricity and renewable sectors. (Image source: Jukka Niittymaa/Pixabay)

The consortium of French EDF Group subsidiary EDF Renewables and Chinese Jinko Power HK, subsidiary of Jinko Power Technology Co Ltd have successfully reached the financial closing for the two gigawatts Al Dhafra PV2 solar project in Abu Dhabi, UAE

This operation has been completed along with TAQA Group and Masdar, the Abu Dhabi-based shareholders and major players in the electricity and renewable sectors.

The approximately US$1bn transaction has been funded via project financing with BNP Paribas as bookrunner together with Bank of China, Cr?dit Agricole, HSBC, MUFG, Sumitomo Mitsui Banking Corporation and Standard Chartered, as mandated lead arrangers.

Completion of this major milestone allows the mobilisation on site and start of construction. Located in the region of Al Dhafra, this solar photovoltaic plant will be the largest single-site solar plant worldwide.

Al Dhafra PV2 solar project will be the first plant of such scale to deploy bifacial module technology, capturing as such light on both sides of the PV modules and thus benefits from the reflection of light by the ground in order to yield higher generation. The plant spans over 20 sq km of desert climate area, with more than four million PV modules.

Upon commissioning, targeted in 2022, this project will provide the equivalent electricity to power over 160,000 households.

As the project is under an independent power producer model (IPP), EDF Renewables and Jinko Power hold respectively 20% of the shares, the remaining 60% is owned by TAQA and Masdar.

The four partners had previously signed the 30-years Power Purchase Agreement (PPA) on 30 July 2020.

Bruno Bensasson, EDF Group senior executive vice-president renewable energies and CEO of EDF Renewables, said, ?We are now fully mobilised to support the construction of the solar plant with the objective of reaching the commercial operation in 2022. This two gigawatts future solar power plant contributes to meet the EDF Group's CAP 2030 strategy, which aims to double its worldwide renewable installed energy capacity from 28-50GW nets between 2015 and 2030.?

Charles Bai, president of Jinko Power International Business, added, ?We look forward to continuing working closely with the stakeholders of this project to achieve commercial operation in 2022.?

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