EDF, Masdar secure financing for 1.5 GW of solar near Abu Dhabi EDF Renewables, Korea Western Power Co. (Kowepo), and Masdar have secured financing to build a 1.5 GW solar plant near Abu Dhabi, backed by a 30-year power purchase agreement (PPA) with Emirates Water and Electricity Co. September 19, 2024 Patrick Jowett Finance Installations Markets Utility Scale PV United Arab Emirates Image: EDF Renewables Share EDF Renewables, Kowepo, and Masdar have revealed plans to build a 1.5 GW solar plant near Abu Dhabi. The project has secured financing from six banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corp., and Export-Import Bank of Korea. A project company – jointly owned by EDF Renewables and Kowepo with 20% stakes each, and Masdar with a 60% stake – will design, build, and operate the plant. The project company signed a 30-year PPA with Emirates Water and Electricity Co. in April. The Al Ajban Solar Photovoltaic project, located about 70 km northeast of Abu Dhabi, will feature 3 million solar panels on single-axis trackers. The plant, featuring advanced bifacial technology, will generate enough power for 160,000 households in the United Arab Emirates. Once fully commissioned by the third quarter of 2026, the plant will rank among the world’s largest single-site solar facilities. It will also become the UAE’s third utility-scale solar park. “Partnerships are vital to the energy transition and to achieving the objective of tripling global renewable capacity by 2030 set out in the UAE Consensus,” said Masdar CEO Mohamed Jameel Al Ramahi. “With the development of Al Ajban, Abu Dhabi is home to three of the largest single-site solar plants in the world, making it a global leader in the adoption of utility-scale solar power.” This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com. End of the line for a U.S. solar giant 17 September 2024 SunPower, one of the largest, oldest, and most influential solar businesses in the United States, has closed its doors. Residential solar installers i...This content was collected from the Internet. If you want to it, please contact grace solar management.