Globe's biggest solar power plant project in Abu Dhabi secures financing

• 2 GW plant in Al Dhafra will certainly generate electrical energy that will eventually power 160,000 homes

The financing is currently in position for the world's biggest solar power project, being integrated in Abu Dhabi. The 2 GW project in Al Dhafra has received financing from 7 worldwide banks.

TAQA (Abu Dhabi National Energy Company) is establishing the plant together with Abu Dhabi's Masdar, EDF Renewables and also JinkoPower.

The Al Dhafra Solar Photovoltaic (PV) center is located regarding 35 kilometers from Abu Dhabi city, and also will provide power to Emirates Water and also Electricity Company (EWEC). Once functional, it will be the globe's largest single-site solar energy plant, making use of around 4 million solar panels to produce enough electricity for about 160,000 homes throughout the UAE.

The plant will certainly lower carbon dioxide discharges by 2.4 million statistics tonnes every year - comparable to getting 470,000 vehicles from the roadways.

Previously in the year, the affordable bidding for the project brought about among the "most competitive tolls for solar power", set at Dh4.97 fils/kWh, which upon financial closing, was better reduced to Dh4.85 fils/kWh.

This was primarily from hedging and funding expense improvements. TAQA will certainly possess 40 per cent of the project, while the other 3 will certainly have 20 per cent stake each. Business operations are scheduled for 2022.

"The financial closing marks the start of a crucial chapter for this IPP (independent power plant) project, for TAQA Group as well as for the UAE as we remain to supply on our bold tidy energy aspirations, while showing the industrial as well as functional feasibility of utility-scale single-site solar projects," stated Jasim Husain Thabet, Group CEO and Managing Director at TAQA.