UAE Closes $872m Solar Plant Financing Deal

Abu Dhabi's government-owned power utility has closed a $872 million financing package for a solar power plant, which will be the world's largest, the utility's top official said on Wednesday. Abu Dhabi Water & Electricity Authority (ADWEA) raised $650 million in debt with the remaining $222 million raised in equity, Director General Saif Saleh al-Sayari told reporters, Reuters reported. ADWEA previously said it had selected a consortium of Japan's Marubeni Corp and China's JinkoSolar Holding to build and operate the 1,177 megawatt plant. The new plant, about 100 kilometers south-east of the capital, will have the capacity to power about 200,000 homes. It will be built, owned and operated by a special-purpose company, with Marubeni and Jinko each taking a 20% stake and ADWEA holding the remaining 60%. Abu Dhabi’s peak electricity generation passed 10 gigawatts for the first time five years ago. Only Saudi Arabia and Kuwait have peak electricity generations that are greater, according to ADWEA.