Dentons Advises EDF Renewables And Korea Western Power On Al Ajban Solar PV Project In Abu Dhabi

Dentons has successfully advised EDF Renewables (EDFR) and Korea Western Power Company on the financial close of the Al Ajban Solar Photovoltaic (PV) Independent Power Project, marking a significant milestone in Abu Dhabi’s renewable energy landscape. The project, which will generate 1.5 gigawatts (AC) of power, is set to supply electricity to approximately 160,000 homes across the UAE, reducing CO2 emissions by over 2.4 million metric tonnes annually.

EDF Renewables, alongside its partners, achieved the lowest bid for levelised electricity cost at 5.1921 fils per kilowatt-hour (kWh), equivalent to 1.413 US cents per kWh, for the greenfield solar PV plant in the Ajban area of Abu Dhabi. The project aligns with the UAE Energy Strategy 2050 and the UAE Net Zero by 2050 initiative, advancing the country’s goals for energy diversification and sustainability.

Dentons advised on various stages of the project, including bid preparation, finance document review, and project documentation. The legal team was led by key partners such as Stephen Knight, Kanishka Singh, and Colm O’Huiginn, with support from senior associates and specialists across multiple jurisdictions. The project involves a significant financing package from major financial institutions, including BNP Paribas, HSBC, and Sumitomo Mitsui Banking Corporation.

This project reinforces Abu Dhabi’s position as a global leader in solar energy, complementing existing projects such as Noor Abu Dhabi and Al Dhafra Solar PV, further diversifying the UAE’s energy portfolio and driving decarbonization in the region.