The world’s largest single site solar power project in Abu Dhabi has achieved financial closure, it was announced on Monday.
The 2GWp Al Dhafra PV2 solar project is being developed by France’s EDF Renouvelables and China’s Jinko Power in partnership with the Abu Dhabi National Energy Company (TAQA) and Masdar.
BNP Paribas said in a statement that it was the sole Lead Bank for the winning consortium bid for the $1 billion project, acting as the sole Bookrunner, Documentation Bank, Mandated Lead Arranger and Hedge Provider.
Additionally, the French bank acted as the sole Equity Bridge Loan (EBL) Lender to EDF Renouvelables and Jinko Power, and EBL Facility Agent.
Six other Mandated Lead Arranger banks participated in the financing of the project.
The project is expected to be commercially operational by 2022, the statement said, while noting that it had yielded one of the most competitive levelised costs of electricity in the world for solar PV at 1.32 US cents /kWh.
The power will be purchased by Emirates Water and Electricity Company (EWEC), which is the sole procurer of electricity and water in Abu Dhabi.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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