Abu Dhabi looks to close $872 mln solar plant financing in April: report

Government-owned power utility Abu Dhabi Water and Electricity Authority (ADWEA) plans to close a financing package for a AED 3.2 billion ($872 million) solar power plant in April, Reuters reported, citing a senior official at the utility.

Last week, ADWEA had selected a consortium of Japan's Marubeni Corp and China's JinkoSolar Holding to build and operate the solar plant.

The 1,177 megawatt plant, expected to be the biggest in the world, is scheduled to become operational in 2019.

The plant will be funded 25 percent by equity and 75 percent by debt, Adel al-Saeedi, acting director of privatization at ADWEA, was quoted as saying.

ADWEA would contribute the equity, while local and international banks would fund the debt.

A special-purpose company would be formed to operate the project – ADWEA would own 60 percent of the company while Marubeni and Jinko would hold 40 percent.

The power generated would be sold to Abu Dhabi for 25 years.