(Yicai Global) March 2 -- JinkoSolar Holding Co. [NYSE:JKS] has clinched the bid for the solar photovoltaic (PV) independent power project located at Sweihan in the United Arab Emirates, coming in with the lowest price globally. The project will create the world's largest solar PV plant.
Jiangxi province-based JinkoSolar has signed a power purchase agreement with Japan's Marubeni Corp. [TYO:8002] and the Abu Dhabi Water and Electricity Co. (ADWEC) for the independent power project, Yicai Global learned from JinkoSolar today. JinkoSolar's offered price for the power plant with a capacity of 1,177 megawatts was USD0.0242 per kilowatt-hour, the lowest among all the prices submitted by leading bidders globally, insiders said.
"A special purpose company owned by Marubeni (20%), JinkoSolar (20%) and Abu Dhabi Water and Electricity Authority (ADWEA (60%) will construct, own, operate and maintain the PV plant to fulfill the power supply under a 25-year PPA. have signed a power purchase agreement ("PPA") with Abu Dhabi Water and Electricity Company (ADWEC) to construct, own, operate and maintain a photovoltaic ("PV") power plant with a power generation of 1,177 MW (DC) near the town of Sweihan, in Abu Dhabi, United Arab Emirates.," Marubeni's official website reported.
A joint-venture company jointly owned by JinkoSolar, Marubeni and the Abu Dhabi Water and Electricity Authority (ADWEA) will construct, operate and maintain the PV plant for the duration of the 25-year power-purchase agreement, JinkoSolar said. Marubeni wrote on its website that international project lenders will fund the venture.
The project, whose site lies in the eastern region of the Emirate of Abu Dhabi, approximately 120 kilometers east of the capital city of Abu Dhabi, will have a capacity of 1,177 megawatts and sell all power it generates to ADWEC, a wholly-owned subsidiary of the ADWEA. The project's financial agreements are expected to close in April with commercial operation slated to begin September 2019.