JinkoSolar has announced the signature of the financial agreements for the Sweihan Solar PV Independent Power Project. The signing ceremony took place at the Emirates Palace in Abu Dhabi. The signatories to the agreements are the Abu Dhabi Water and Electricity Authority (ADWEA); Sweihan Solar Holding Company Limited (Sweihan), a joint venture between JinkoSolar and Marubeni Corporation (Marubeni); and a syndicate of international and local banks.
The agreements closed the US$870m financing for this 1,177 MW (DC) solar PV project, with a 25-year PPA signed with ADWEA. The project is expected to enter into commercial operation in April 2019.
Financial closing is the culmination of 18 months of hard work, determination and commitment from many people, including numerous Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors. Over the course of the next 2 years, the vision of the Sweihan PV Project will become reality.
“The financial closing of the Sweihan Project is an important step forward to energise one of the largest solar power plants in the world,” commented Mr. Xiande Li, Chairman of JinkoSolar. “We will continue to cultivate to the successful completion, operation and maintenance of the Sweihan project to the highest standard, along with our partners ADWEA and Marubeni.”