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Abu Dhabi Water & Electricity Authority (ADWEA) has closed a $872 million financing package for what is intended to be the world’s largest solar power plant, Saif Saleh al-Sayari, director general of the authority has said.
ADWEA raised $650 million debt, while the remaining $222 million was raised in equity, al-Sayari told reporters, according to Reuters. He added that a consortium consisting of Japan’s Marubeni Corp and China’s JinkoSolar Holding has been selected to build and operate the 1,177-megawatt plant.
“The financing which is completed is a $650 million project finance from local and international commercial banks,” al-Sayari said. He explained that the 25-year loan is structured in a way that will allow refinancing after five years.
Bank of Tokyo Mitsubishi was the leading arranger of the loan along with three other Japanese banks – Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Norinchukin Bank. French Banks – BNP Paribas Credit Agricole, Natixis – and First Abu Dhabi Bank were also part of the deal.
The equity portion will be contributed by ADWEA and the project consortium – Marubeni and JinkoSolar, al-Sayari added.
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