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ACWA Power Signs Financing Agreements for 900 MW Solar PV Fifth Phase of MBR Solar Park
The project involves the construction of a state-of-the-art 900 MW solar PV plant, using bi-facial panels with tracking technology at a capital cost of c. $564 million, and has been the focus of significant international interest, having demonstrated one of the lowest levelised cost of electricity in the world of USD cents 1.6953 per kWh. The financing for the project is based on the principles of limited recourse project financing with the senior debt provided by a number of international, regional and local banks along with a project recourse mezzanine tranche committed by a regional bank, structured as a c. 27-year soft mini perm financing with both conventional and Islamic tranches. In addition, the financing structure featured a set of equity bridge loans provided by local banks and also by DEWA. The EPC agreement for the construction of the project was signed with Shanghai Electric in July 2020.
TAQA Arabia To Increase Investment In MENA Renewable Projects
Egypt’s TAQA Arabia is looking to increase investment in renewable projects in the Middle East and Africa, according to a senior company official. Recently, The Industrial Modernization Center (IMC) of the Ministry of Industry and Foreign Trade has approved the construction of a small 90 kWp solar power plant.It aimed to supply solar energy to the University of Zagazig in Egypt. This power plant is part of the Egypt-PV project.It is financed by the Global Environment Facility (GEF) and it has been implemented by the United Nations Development Programme (UNDP) which will act as the GEF Implementing Agency. The project targets to install small grid-connected solar photovoltaic systems for households, small and medium-sized enterprises. According to Egypt-PV officials the target is to facilitate at least 4 MWp of new decentralized private PV capacity during the lifetime of the project.
World’s Largest Single-site Solar Power Plant Achieved Net Production of 2000 GWH Since Commercial Operations Commenced
The Emirates Water and Electricity Company (EWEC), a leading company in the coordination of planning, purchasing and providing of water and electricity across the UAE, announced a successful full year of commercial operations of Noor Abu Dhabi, the world’s largest single-site solar plant. Located at Sweihan in Abu Dhabi, Noor Abu Dhabi, which means light in Arabic, covers an area of 8km2 and features 3.2 million solar panels. The plant is a joint venture between Abu Dhabi National Energy Company (TAQA) and a consortium of Japan’s Marubeni Corp and China’s Jinko Solar Holding. Since the commencement of its commercial operations, Noor Abu Dhabi solar plant has achieved a net production of 2,000 GWh providing electricity to 66,000 households and a 93% efficiency rate in terms of energy availability. The solar plant has achieved 404,835 man hours without lost time injuries as of end April 2020, a reflection of the company’s commitment to prioritising the highest international industry standards of health and safety.
TAQA Announces New CEO Of Abu Dhabi Transmission and Despatch Company
Abu Dhabi National Energy Company (TAQA) announced, the appointment of Dr. Afif Saif Al Yafei as Chief Executive Officer (CEO) at its subsidiary, Abu Dhabi Transmission and Despatch Company (TRANSCO). In his new role, effective today, Dr. Al Yafei will reinforce TRANSCO’s vital role in the transformation of Abu Dhabi’s power and water sector. Dr. Afif’s appointment as CEO of TRANSCO follows the conclusion of TAQA’s successful transaction with Abu Dhabi Power Corporation (ADPower) on July 1, 2020, which created one of the largest publicly listed companies in the UAE by market capitalization and a top-10 utility player in the EMEA region by regulated assets. As part of the transaction, the majority of ADPower’s power and water generation, transmission and distribution assets, including TRANSCO, were transferred to TAQA in exchange for 106,367,950,000 new shares.
TAQA Announces Q2 2020 Financial Results; Group Revenues Declined 28%
Abu Dhabi National Energy Company PJSC (“TAQA”, the “Company” or the “Group”) announced, , its earnings for the second quarter of 2020. Group revenues declined 28% to AED 3.3 billion for the quarter, reflecting the COVID-19 pandemic’s ongoing adverse impact on energy markets. Realized prices for oil and gas sold by TAQA dropped 62% compared to the same period last year. Revenues for TAQA’s contracted power and water generation business in the UAE were unchanged on the same period last year whilst within the international power business, revenue and costs declined reflecting lower demand. TAQA is now a top-10 integrated utilities leader in the EMEA region by regulated assets and one of the largest publicly listed companies in the UAE by market capitalization. More than 85% of TAQA’s revenues and EBITDA will be driven by long-term contracts or regulated tariffs, significantly increasing the Company’s resilience to commodity price volatility.