Financial closing for 2 GW solar park in Abu Dhabi


From pv magazine France

EDF Renewables, the renewable energy unit of French energy group EDF, has closed financing with Jinko Power HK – a subsidiary of China-based power producer Jinko Power Technology – for the 2 GW Al Dhafra PV2 solar project, which will be built approximately 35 kilometers from Abu Dhabi.

The consortium has secured around $1 billion in financing from a group of lenders that includes BNP Paribas, Bank of China, Crédit Agricole, HSBC, MUFG, and Sumitomo Mitsui Banking Corp.

The Al Dhafra PV2 project is scheduled for commissioning in 2022. It will sell electricity to Emirates Water and Electricity Co. (EWEC) for $0.0135/kWh under a 30-year power purchase agreement. According to EDF, the project will also be the first plant of this scale to feature bifacial PV modules. It will include more than 4 million solar panels across an arid site spanning ​​approximately 20 square kilometers.

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The project is a public-private partnership. EDF Renewables and Jinko Power each hold 20% stakes, while the remaining 60% is held by TAQA Group and Masdar

“The Al Dhafra PV2 photovoltaic project demonstrates EDF's desire to support the United Arab Emirates in the implementation of their National Plan to Combat Climate Change,” said Bruno Bensasson, EDF Group executive director in charge of renewables, and the CEO of EDF Renewables. “We are now fully mobilized on the construction phase of this plant with a view to its commercial commissioning scheduled for 2022.”

The project might include a 225 MW/300 MWh storage system.

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