JinkoSolar to build solar plant in Abu Dhabi

Updated 2017-03-03 11:04:23 China Daily
Technicians check solar panels at a textile company in Jimo, Shandong province. (Photo/China Daily)

Technicians check solar panels at a textile company in Jimo, Shandong province. (Photo/China Daily)

Sweihan project to offer one of lowest power prices by a utility globally

JinkoSolar Holdings Co Ltd, the world's largest solar panel producer by shipments, will join force with Japan's Marubeni Corporation and the Abu Dhabi Water and Electricity Company (ADWEC) to develop one of the world's largest photovoltaic power plants in Abu Dhabi.

The Sweihan project, a 1,177MW (DC) PV power plant in Abu Dhabi, United Arab Emirates, will not only be vast in size, but will also see its power price being one of the lowest ever achieved by a utility scale project globally under a 25-year power purchase agreement, the company said.

JinkoSolar chairman Li Xiande, said: "We are excited to be a part of the significant milestone project to co-develop with ADWEC and Marubeni."

He said: "The execution of the power purchase agreement demonstrates our strong technical skills, reliable high-efficiency products and development capabilities, and we are proud of making a significant contribution to the development of the solar industry in the Emirate of Abu Dhabi."

A special-purpose company jointly owned by the three companies, with JinkoSolar accounting for 20 percent, Marubeni 20 percent, and Abu Dhabi Water and Electricity Authority (ADWEA) 60 percent, are responsible for the construction, operation and maintenance of the PV plant located in the eastern region of Abu Dhabi.

The power generated will be sold to ADWEC for 25 years under the power purchase agreement.

ADWEC is a wholly owned subsidiary of government entity ADWEA.

Joseph Jacobelli, a senior analyst with Asia utilities and infrastructure research at Bloomberg Intelligence, said: "A generation capacity of 1,177 MW is a huge project, and a 25-year power purchasing agreement should provide a stable stream of cash flow."

Jacobelli said the JinkoSolar consortium investment does not indicate a changing trend for Chinese companies' when it comes to investments abroad in terms of either a preferred energy source or a preferred country.

He said: "Many Chinese private and state-owned-enterprises look for investment opportunities in all forms of energy and look for projects globally. On the renewable energy front, Beijing-based China Longyuan Power has invested in wind facilities in Canada and is constructing another wind project in South Africa for example. Shanghai-based SPI Energy invested in solar projects in Japan and elsewhere, as another example."

Solar analyst at Bloomberg New Energy Finance Wang Xiaoting said the bids were not unachievable considering the cheaper equipment, lower system costs in terms of dollar per watt, longer power purchase agreement time, probably lower financing costs and better local incentives.

Abdulla Ali Musleh Al Ahbabi, Chairman of ADWEA, said:" Today's important milestone is a highly significant event for both Abu Dhabi and also for the global Solar PV market."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 22 2018 08:22:44

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 22 2018 08:22:44

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 22 2018 08:22:44

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords