Japanese trading company Marubeni Corp. and Chinese Jinko Solar Holding Co., Ltd have signed a 25-year power purchase agreement (PPA) with Abu Dhabi Water and Electricity Company (ADWEC) to build a PV plant with a power generation capacity of 1,177 MW near the town of Sweihan, in Abu Dhabi, United Arab Emirates. A special purpose company owned by Marubeni (20 percent), Jinko Solar (20 percent) and Abu Dhabi Water and Electricity Authority (ADWEA, 60 percent) will construct, own, operate and maintain the facility. Under this contract, all generated power will be sold to ADWEC which is wholly owned by the government entity ADWEA. Construction is expected to be completed in April 2019 and will be funded by international project finance lenders. According to Marubeni, this project, which is one of the largest and most competitive PV power projects in the world and the first renewable project for ADWEA and ADWEC, will be the fifth asset in the United Arab Emirates for the company.
According to media in January, total costs are estimated at 100 billion yen ($868 million).
