Abu Dhabi secures funding to build world’s largest solar power plant

Abu Dhabi secures funding to build world’s largest solar power plant
The Al-Dhafra Solar PV IPP, located around 35km from Abu Dhabi city, will be the world’s largest single-site solar power plant when finished. (AFP file photo)
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Updated 22 December 2020

Abu Dhabi secures funding to build world’s largest solar power plant

Abu Dhabi secures funding to build world’s largest solar power plant
  • Funding for the project will be sourced from seven international banks

DUBAI: The Abu Dhabi National Energy Co. (TAQA) on Tuesday announced it has secured funding to build the world’s largest solar power plant.
The successful financial closing of Al-Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project was achieved alongside TAQA’s partners Masdar, EDF Renewables and JinkoPower.
The plant will be located around 35km from Abu Dhabi city, will have capacity of 2 gigawatts (GW) and will supply power to the Emirates Water and Electricity Co. (EWEC).
When complete, Al-Dhafra Solar PV IPP will be the world’s largest single-site solar power plant, using approximately 4 million solar panels to generate enough electricity for approximately 160,000 homes across the UAE.
Funding for the project will be sourced from seven international banks. TAQA will own 40 percent of the project while Masdar, EDF Renewables and JinkoPower will have a 20 percent stake each.
“Through this project and many others – such as TAQA’s Noor Abu Dhabi, currently the world’s largest operational solar power plant – we have established the company as a trusted integrated utilities partner that is leading the sector’s transformation in the UAE and beyond,” said Jasim Husain Thabet, group CEO and managing director at TAQA.
“We have an expanded portfolio of power and water assets that we will grow further through a disciplined approach, adding value for our shareholders and delivering a diverse supply of energy for our stakeholders and the communities in which we operate.”
EWEC CEO Othman Al-Ali said: “Reaching the financial close for a project of this scale and efficiency marks another milestone in EWEC’s commitment to developing the UAE’s renewable energy sector.”
He added: “Over the past 12 months, EWEC has collaborated with international, regional and local partners during the bidding, negotiation and financial close for a number of ground-breaking projects: The world’s largest reverse osmosis desalination project at Taweelah, the UAE’s largest and most advanced gas-fired power plant in Fujairah, and now the world’s largest solar power plant at Al-Dhafra.”
Bruno Bensasson, EDF Group senior executive vice president for renewable energies and CEO of EDF Renewables, said the plant is due to start commercial operations in 2022.


8 things to watch on Tadawul today

8 things to watch on Tadawul today
Updated 25 January 2021

8 things to watch on Tadawul today

8 things to watch on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Monday.

  1. Almarai’s consolidated net profit after Zakat and tax jumped 10% to SAR 1.984 billion for the fiscal year 2020.
  2. Saudi Electricity Co.’s (SEC) shareholders approved a seven-year syndicated Murabaha facility worth SAR 3 billion, to be secured from National Commercial Bank (NCB).
  3. Al Moammar Information Systems Co.’s (MIS) board of directors approved the establishment of a limited liability company with 100% ownership.
  4. Saudi Pharmaceutical Industries & Medical Appliances Corp (SPIMACO) received a letter from the Arabian Medical Products Manufacturing Co. (ENAYAH), stating that its warehouse in the second Industrial City in Riyadh had a fire incident on Jan. 16, 2021.
  5. Zahrat Al Waha for Trading Co. signed a loan contract with the Saudi Industrial Development Fund (SIDF) valued at SAR 12.65 million.
  6. Al-Babtain Power and Telecommunication Co. will distribute dividend for FY2020, starting Feb. 9, 2021.
  7. Alhayat Medical Clinics (HMC) appointed Alinma Investment Co. as financial advisor for its planned initial public offering (IPO) on Nomu Parallel Market.
  8. Brent crude on Monday declined 69 cents to reach $55.41 per barrel. WTI crude also decreased 86 cents to reach $52.27/bbl.