Marubeni, JinkoSolar secure 25-year PPA for new solar PV plant in UAE
A consortium consisting of Marubeni and JinkoSolar has agreed to sell power generated from a solar photovoltaic (PV) power project to be built in the UAE to the Abu Dhabi Water and Electricity Company (ADWEC) for a period of 25 years.
The companies will work alongside the Abu Dhabi Water and Electricity Authority (ADWEA) through a jointly owned special purpose company to construct a 1,177MW (DC) PV plant at Sweihan in the Abu Dhabi emirate.
They will also operate and maintain the solar plant throughout the duration of the Power Purchase Agreement (PPA) with ADWEC, a subsidiary of ADWEA.
JinkoSolar chairman Xiande Li said: "The execution of the PPA demonstrates our strong technical skills, reliable high-efficiency products and development capabilities.
"We are proud of making a significant contribution to the development of the solar industry in the Emirate of Abu Dhabi."
Financial agreements of the solar project are likely to be closed in April while commercial power generation from it is slated to begin in 2019.
ADWEA chairman H.E Abdullah Ali Musleh Al Ahbabi said: "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."
All the electricity produced by the PV plant located about 120km east of Abu Dhabi will be sold to ADWEC.
While JinkoSolar is a photovoltaics manufacturer and solar projects developer based in China, Marubeni on the other hand is a Japanese conglomerate.