World's largest 2 GW solar power plant in UAE reaches financial close

Abu Dhabi National Energy Company (TAQA) and Masdar alongside partners EDF and JinkoPower announced the successful financial closing of the 2 GW Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project in Abu Dhabi, United Arab Emirates (UAE). 

The record-breaking project, located approximately 35 kilometers from Abu Dhabi city will supply power to the plant’s off-taker, Emirates Water and Electricity Company (EWEC). Once operational, the Al Dhafra Solar PV IPP will be the world’s largest single-site solar power plant, using approximately 3.5 million solar panels to generate enough electricity for approximately 160,000 homes across the UAE.

Financing for the project will come from seven international lenders, following the signing of the power purchase agreement in July. Earlier in the year, the competitive bidding for the project led to one of the most competitive tariffs for solar power, set at AED 4.97 fils/kWh (USD 1.35 cents/kWh).

TAQA and Masdar to own 60% of project, and EDF and JinkoPower to own 40%. The plant will deploy the latest in crystalline, bifacial solar technology, which will deliver electricity to the highest efficiency enabling the plant to provide more power by using both the front and backside of the panel.