The project company, comprising EDF Renewables, Korea Western Power (KOWEPO), and Abu Dhabi Future Energy Company PJSC (Masdar), has announced the successful financial close of the 1.5-gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in Abu Dhabi.
Following a successful bid, the consortium, with EDF Renewables and KOWEPO holding a 20% stake each and Masdar owning 60%, has signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC). The company will design, finance, build, and operate the plant, contributing to the UAE’s clean energy goals.
The project’s financing has been secured through six major banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC), and the Export-Import Bank of Korea (KEXIM).
EWEC CEO Othman Al Ali highlighted the project’s role in advancing the UAE’s energy transition: “Al Ajban Solar PV is an example of EWEC’s strategic commitment to deploying world-leading solar power projects. We are rapidly commissioning new utility-scale solar projects to enable the generation of 7.5GW of solar PV by 2030.”
Masdar CEO Mohamed Jameel Al Ramahi emphasized the importance of partnerships in the energy transition, stating, “Our partnership with EDF, EWEC, and KOWEPO on the Al Ajban Solar PV plant underscores the significance of collaborative efforts to deliver large-scale clean energy projects. Al Ajban will make Abu Dhabi a global leader in utility-scale solar power.”
EDF Group Vice-President Beatrice Buffon expressed gratitude for the collaboration, saying, “This large-scale renewable project aligns with EDF’s strategy to provide carbon-free solutions in the UAE. We are creating long-lasting value with competitive, low-carbon energy projects that meet the highest safety standards.”
KOWEPO CEO Hyungduck Park added, “Achieving financial close on this project reflects our dedication to advancing renewable energy globally. This project supports the UAE’s vision for a greener future and stands as a testament to our collective efforts in pioneering sustainable energy.”
Located 70 kilometers northeast of Abu Dhabi city, the state-of-the-art Al Ajban Solar PV plant will feature around 3 million solar panels mounted on single-axis trackers. Set for full commissioning by Q3 2026, it will supply electricity to approximately 160,000 homes and reduce Abu Dhabi’s CO2 emissions by over 2.4 million tons annually.
This project is part of the UAE’s Net-Zero by 2050 strategic initiative and marks the third utility-scale solar park in Abu Dhabi, further cementing the Emirate’s role as a pioneer in renewable energy deployment.
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