UAE’s Taqa confirms financial closing for Al Dhafra solar power plant

UAE’s Taqa confirms financial closing for Al Dhafra solar power plant

Abu Dhabi National Energy Company (TAQA) and its partners Masdar, EDF Renewables and JinkoPower, confirmed the financial closing of the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project.

Financing for the project will come from seven international banks, following the signing of the power purchase agreement in July 2020.

Earlier in the year, the bidding for the project led to a competitive tariff for solar power, set at Dhs4.97 fils/kWh ($1.35 cents/kWh), which upon financial closing, was further improved to Dhs4.85 fils/kWh ($1.32 cents/kWh). TAQA will own 40 per cent of the Al Dhafra project, while the remaining partners, Masdar, EDF Renewables and JinkoPower, will have a 20 per cent stake each.

The project, located approximately 35 kilometers from Abu Dhabi city, will have a capacity of 2 gigawatts (GW) and will supply power to 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 4 million solar panels to generate electricity for approximately 160,000 homes across the UAE.

The plant will deploy the latest in crystalline, bifacial solar technology, which will enable the plant to provide more efficient electricity by capturing solar irradiation from both the front