The 1.17GW PV project is expected to be operational by April 2019. Image: JinkoSolar
'Silicon Module Super League' (SMSL) leader JinkoSolar announced Wednesday in a signing ceremony held at the Emirates Palace that the financial agreements for the debt and equity funding for the Sweihan Solar PV Independent Power Project have been signed.
The financial agreements were signed by the Abu Dhabi Water and Electricity Authority (ADWEA), Sweihan Solar Holding Company — a joint venture between JinkoSolar and Marubeni Corporation — and a group of international and local banks.
The deals closed a US$870 million financial agreement for the project, which will boast a total generation capacity of 1.17GW upon completion. The installation has already signed a 25-year power purchase agreement with the ADWEA and is expected to reach commercial operation in April 2019.
H.E Abdullah Ali Musleh Al Ahbabi, chairman of ADWEA, said: "Today's financial closing is the culmination of 18 months of hard work, determination and commitment from many people, from multiple Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors. I would like to take this opportunity to thank all those involved in making today's milestone possible. However today's event is just the beginning. Over the course of the next 2 years, the vision of the Sweihan PV Project will become reality."
Xiande Li, chairman of JinkoSolar, added: The financial closing of the Sweihan Project is an important step-forward to energize one of the largest solar power plants in the world. We will continue to cultivate to the successful completion, operation, and maintenance of the Sweihan project with the highest standard, along with our partners ADWEA and Marubeni."