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UAE’s Al Ajban 1.5 GW solar project reaches financial close: Korea Western Power (Kowepo), France’s EDF Renewables, and Masdar have reached financial close on the 1.5 GW Al Ajban solar PV IPP project in Abu Dhabi, according to a statement.
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Who kicked in financing? BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation, and the Export-Import Bank of Korea (Korea Eximbank) all contributed financing to the project, the statement notes.
We heard some updated figures lately: Korea Eximbank extended a USD 150 mn loan for the project back in July, accounting for 16.67% of the total cost which was reported to be an estimated USD 900 mn. The development of the project had an initial estimated investment ticket of around USD 748 mn.
Who owns what: The consortium inked a 30 year Power Purchase Agreement with the Emirates Water and Electricity Company (Ewec) in April to design, finance, build and operate the plant. EDF Renewables and Kowepo will hold a 20% stake each and Masdar will hold the remaining 60% stake, the statement notes. Ewec will offtake all the renewable energy generated.
REMEMBER- Ewec had selected the consortium in February and awarded it development rights for the project in April, with Masdar serving as the local shareholder. PowerChina Huadong Engineering Corporation then secured an engineering, procurement, and construction (EPC) contract for the solar power plant in July.
About the plant: The plant — the third utility–scale solar park in Abu Dhabi — is set to be home to three of the world’s largest solar sites when it becomes operational in 3Q 2026, the statement notes. The plant will deploy approximately 3 mn solar panels mounted on single-axis trackers and power nearly 160k homes across the UAE. The plant is expected to slash Abu Dhabi’s CO2 emissions by over 2.4 mn tons annually, the statement adds.
Not the consortium’s first regional project: EDF and Kowepco are also currently developing Oman’s 500 MW Manah solar project. The plant will deploy around 1 mn bifacial PV modules and provide clean energy for approximately 50k homes while offsetting 780k tons of CO2 annually.
