JinkoSolar and Marubeni Corporation Enter Into Power Purchase Agreement for Sweihan Photovoltaic Independent Power Project in Abu Dhabi
JinkoSolar Holding Co., Ltd., a global leader in the photovoltaic (“PV”) industry, recently announced that a consortium consisting of JinkoSolar and Marubeni Corporation (“Marubeni”) have entered into a Power Purchase Agreement (“PPA”) with the Abu Dhabi Water and Electricity Company (“ADWEC”) for the Solar PV Independent Power Project (the “Project”) located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates. A special purpose company jointly owned by JinkoSolar, Marubeni, and the Abu Dhabi Water and Electricity Authority (“ADWEA”) will construct, operate and maintain the PV plant for the duration of the 25-year PPA. The project will be located in the Eastern Region of the Emirate of Abu Dhabi, approximately 120 km east of the city of Abu Dhabi in Sweihan and will have the capacity of 1,177 MW (DC). All power generated will be sold to ADWEC, a wholly owned entity of the ADWEA. The Project’s financial agreements are expected to close in April 2017 with commercial operation expected to begin in 2019.
“Today’s important milestone is a highly significant event for both the Emirate of Abu Dhabi and also for the global Solar PV market,” commented H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA. “Not only will the Project, once constructed, be the world’s largest single utility scale solar PV plant, but the price of net electrical energy that we have agreed to today is one of the most competitive prices seen to date in the Solar PV industry.” “We are excited to be a part of the significant milestone project to co-develop with ADWEC and Marubeni. The execution of the PPA demonstrates our strong technical skills, reliable high-efficiency products and development capabilities,” commented Mr. Xiande Li, Chairman of JinkoSolar. “We are proud of making a significant contribution to the development of the solar industry in the Emirate of Abu Dhabi.”