- 1.5 gigawatt (GW) solar power plant in Al Ajban province received financing from six top-tier banks and financial institutions
- 3 million solar panels using advanced bifacial technology will be installed to generate enough power for 160,000 UAE households
- CO2 emissions will be reduced by over 2.4 million tons annually
- Project company composed of EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake)
- EWEC will procure 100% of the plant output
Abu Dhabi, September 17, 2024: The project company, led by EDF Renewables and Korea Western Power (KOWEPO), alongside their partner Abu Dhabi Future Energy Company PJSC – Masdar, announced today the successful financial closing of the 1.5 gigawatt (GW) AC Al Ajban Solar Photovoltaic (PV) Independent Power Producer (IPP) project in the Emirate of Abu Dhabi.
Following a successful bid submission, the project company owned by EDF Renewables and KOWEPO (20% stake each) as lead members, and Masdar as local shareholder (60% stake) signed a 30-year Power Purchase Agreement (PPA) with the Emirates Water and Electricity Company (EWEC), and will design, finance, build and operate the plant.
Financing for the project has been secured from six top-tier banks and financial institutions: BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation (SMBC) and Export-Import Bank of Korea (KEXIM).
Othman Al Ali, Chief Executive Officer of EWEC, said: “Al Ajban Solar PV is a further example of EWEC's industry leading strategic advancement of world-leading solar power projects, and stewardship of the UAE's energy transition. Solar power is one of the most cost-effective and low-carbon-intensive solutions for electricity generation, and we are rapidly commissioning and deploying new utility-scale solar power projects, to enable the generation of 7.5GW of solar PV by 2030, in addition to projects in support of UAE's next-generation energy infrastructure. The financial close of Al Ajban Solar PV is a further milestone in this key project that will enable our decarbonization of the UAE's energy sector.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: “Our valued partnership with EDF, EWEC and KOWEPO on the Al Ajban Solar PV plant highlights the importance of harnessing our mutual experience and expertise to deliver utility-scale clean energy projects. Partnerships are vital to the energy transition and to achieving the objective of tripling global renewable capacity by 2030 set out in the UAE Consensus. With the development of Al Ajban, Abu Dhabi is home to three of the largest single-site solar plants in the world, making it a global leader in the adoption of utility-scale solar power.”
Commenting on the announcement, Beatrice Buffon, EDF Group Vice-President, International Division, Chairwoman & Chief Executive Officer of EDF Renewables, said: “We are grateful to our partners KOWEPO, Masdar, and our customer EWEC for their trust and support in the development of the Al Ajban Solar PV plant. This large-scale renewable energy project is fully in line with EDF's strategy to provide innovative, carbon-free solutions in the UAE, such as pumped hydro storage, large-scale and distributed solar, BESS and transmission infrastructure. Together with KOWEPO and Masdar, we are advancing the UAE's energy transition and are creating long lasting value with competitive, low-carbon energy projects that meet the highest Health and Safety standards.”
Commenting on the announcement, Hyungduck Park, Chief Executive Officer of KOWEPO, said: “We are honored to be a key partner in the Al Ajban Solar PV project, which marks a significant milestone not only for KOWEPO but also for the UAE's ambitious energy transition goals. Successfully achieving financial close on this project reflects our commitment to advancing renewable energy solutions on a global scale. Through our collaboration with EDF Renewables and Masdar, we are dedicated to delivering sustainable energy that will contribute to reducing carbon emissions and support the UAE's vision for a greener future. This project stands as a testament to our collective efforts in pioneering innovative and environmentally responsible energy initiatives.”
The state-of-the-art project, located approximately 70 kilometers North-East of Abu Dhabi city, will have a capacity of 1.5GW. Once fully commissioned in Q3 2026, the Al Ajban Solar PV IPP will be one of the world's largest single-site solar power plants, deploying approximately 3 million solar panels mounted on single-axis trackers to generate enough electricity for approximately 160,000 homes across the UAE . Upon full commercial operation, the plant is expected to reduce Abu Dhabi's CO2 emissions by more than 2.4 million tons per year.
The Al Ajban Solar PV power plant is part of the UAE Net-Zero by 2050 strategic initiative and is the third utility–scale solar park in the Emirate of Abu Dhabi, making the Emirate a pioneer in renewable energy deployment.
Key figures of the project:
– Households powered: 160,000
– Over 2,400,000 tons of CO2 reduction / year
– Technology:
✔3,000,000 bifacial PVs
✔Single-axis trackers