Clifford Chance advises lenders on world’s largest solar power project – MEP MiddleEast

Clifford Chance advises lenders on world’s largest solar power project – MEP MiddleEast

London-headquartered multinational law firm Clifford Chance has advised lenders on the landmark project financing of a 2GW solar power plant located in the Al Dhafra region of the UAE.

Clifford Chance advised the lenders to the project company, consisting of BNP Paribas, MUFG, Standard Chartered Bank, SMBC, Bank of China, CACIB and HSBC.

Once constructed, the project will be the largest photovoltaic power project in the world to date.

The project was developed by Emirates Water and Electricity Company (EWEC) and awarded to a consortium led by EDF Renewables and Jinko Power HK, a subsidiary of Jinko Power Technology Co. Ltd (JinkoPower).

The consortium led by EDF Renewables and Jinko Power HK will together hold 40% of the project company, with the remaining 60% shared between their local partners, Abu Dhabi National Energy Company (TAQA) (40%), and Masdar (20%).

Expected to be fully operational by H2 2022, the Al Dhafra plant will power approximately 160,000 households across the UAE and reduce Abu Dhabi's CO2 emissions by more than 2.4 million metric tonnes per year, the equivalent of removing approximately 470,000 cars from the roads.

Abu Dhabi is already home to the 1.2GW Noor Abu Dhabi plant which is currently the world's largest operational