The Abu Dhabi Water and Electricity Authority (ADWEA) has selected the financial, legal and technical consultants for its 350-MW solar project in Sweihan, about 120 kilometres east of Abu Dhabi.
The advisory team is formed by US firm Akin Gump Strauss Hauer & Feld (legal advisor), Alderbrook Finance (financial consultant) and Fichtner Consulting Engineering (technical advisor).
ADWEA expects to select a developer for the project in the second half of 2016. The competitive process is to start in the first half of the year. ADWEA plans to reach financial close in the first half of 2017. Under the preliminary timeline, the 350-MW solar power plant is to be up and running in 2019.
About 90 international and local firms have already expressed their interest in participating in the scheme.
This would be the first such solar project carried out by Adwea. The selected developer would own up to 40 per cent of SPV, with Adwea taking the other 60%.
The facility, which would produce enough electricity to power more than 50,000 homes, would be structured as an independent power project with a power purchase agreement. According to the tender announcement, Adwea will “pay only for the net electrical energy supplied by the plant.”
Abu Dhabi is committed to producing 7 per cent of its total power from renewable energy sources by 2020, and the Sweihan project will be the first under the initiative.