In a ceremony held at the Emirates Palace in Abu Dhabi, a financing agreement was signed by Abu Dhabi Electricity and Water Authority (ADWEA), Sweihan Solar Holding Company – the joint venture between JinkoSolar and Marubeni which bid for the project, and a syndicate of domestic and international banks.
“Today’s financial closing is the culmination of 18 months of hard work, determination and commitment from many people, said ADWEA Chairman H.E. Abdullah Ali Musleh Al Ahbabi. “From government stakeholders, the international PV investor market, the international and local lending community, Today’s event is just the beginning. Over the course of the next two years the vision of the Sweihan PV project will become a reality.”
The joint venture of JinkoSolar and Marubeni signed a 25-year PPA for the project with ADWEA back in March, with one of the lowest electricity prices ever seen in a utility scale PV project, $0.0242/kWh.
“The financial closing of the Sweihan project is an important step forward to energizing one of the largest solar power plants in the world,” stated JinkoSolar Chairman Xiande Li. “We will continue to cultivate to the successful completion, operation and maintenance of the project, along with our partners ADWEA and Marubeni.”