Marubeni and Jinko achieve financial close on the Sweihan solar project
JinkoSolar Holding Co and Marubeni have reached the financial closure for their 1777-MW Sweihan Solar PV Independent Power Project located in Abu Dhabi.
The debt and equity funding for the solar project has been signed by the Abu Dhabi Water and Electricity Authority (ADWEA), Sweihan Solar Holding Company Limited, a joint venture between JinkoSolar and Marubeni Corporation, and a syndicate of international and local banks.
The agreements closed a US$870 million financing for the project, with a 25-year PPA signed with ADWEA. The project is expected to reach commercial operation date in April 2019.
The project will be located in the Eastern Region of the Emirate of Abu Dhabi, approximately 120 km east of the city of Abu Dhabi in Sweihan and will produce enough electricity to power more than 50,000 homes.
H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA, said:
"Today's Financial Closing is the culmination of 18 months of hard work, determination and commitment from many people, from multiple Abu Dhabi Government stakeholders, the international PV investor market, the international and local lending community and related advisors. I would like to take this opportunity to thank all those involved in making today's milestone possible. However today's event is just the beginning. Over the course of the next 2 years, the vision of the Sweihan PV Project will become reality."
Mr. Xiande Li, Chairman of JinkoSolar, commented:
"The financial closing of the Sweihan Project is an important step-forward to energize one of the largest solar power plants in the world. We will continue to cultivate to the successful completion, operation, and maintenance of the Sweihan project with the highest standard, along with our partners ADWEA and Marubeni."