Chinese ink US$870 million deal for Abu-Dhabi Solar factory

Chinese company – JinkoSolar Holding, a global leader in the photovoltaic industry, has announced that in a signing ceremony held at the Emirates Palace, the financial agreements for the debt and equity funding for the Sweihan Solar PV Independent Power Project have been signed by the Abu Dhabi Water and Electricity Authority (ADWEA), Sweihan Solar Holding Company Limited (Sweihan), a joint venture between JinkoSolar and Marubeni Corporation (Marubeni), and a syndicate of international and local banks.

The agreements closed a US$870 million financing for the Project, an 1,177 MW (DC) solar PV project with a 25-year PPA signed with ADWEA. The Project is expected to reach commercial operation date in April 2019.

“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,” commented H.E Abdullah Ali Musleh Al Ahbabi, Chairman of ADWEA.

He added that, “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.”

Xiande Li, Chairman of JinkoSolar said, “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.”

JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions.

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