Commercial operation starts at the world´s largest solar in UAE

Marubeni Corporation in its press release on June 1, 2019 has announced, that the world’s single largest solar photovoltaic park - 1,177 MW Sweihan Photovoltaic Independent Power Project in Sweihan, UAE, also known as Noor Abu Dhabi, has commenced commercial operation on April 30th.

The project is jointly owned by Marubeni Corporation (20% share), JinkoSolar Holding Co. (20% share) and Abu Dhabi Power Corporation (60% share).

The Project included the construction of a 1,177 MW solar power plant. The project features 3.2 million solar panels installed across an 8 square kilometre site. It produces enough power to meet the equivalent demand of 90,000 people and it will offset the emirate’s C02 emissions by 1 million metric tons. Construction for the plant began on schedule and was completed within 23 months as originally planned.

All power generated from the plant will be sold to the Emirates Water and Electricity Company (hereinafter, "EWEC") at jUSD 0.0242 per kWh under a 25-year power purchase agreement.

The loan agreement for the Project was signed in May of 2017 and took the form of co-financing between eight commercial banks including, Bank of Tokyo-Mitsubishi UFJ, Ltd. (currently renamed to MUFG Bank, Ltd), the Norinchukin Bank and Banking Corporation, and Sumitomo Mitsui Banking Corporation.

UAE (and other Middle Eastern countries) is aiming to increase its installed capacity of renewable energy in order to minimize its demand on fossil fuels and also to satisfy increasing power demand. To contribute to Middle Eastern countries' stable electricity supply, Marubeni will expand its IPP business in the renewable sector.