Abu Dhabi, December 22, 2020 – The consortium, made up of the EDF group, via its subsidiary EDF Renewables and the Chinese Jinko Power HK, a subsidiary of Jinko Power Technology Co. Ltd, two global leaders in renewable energy, have finalized the financing of 2 GW capacity Al Dhafra PV2 photovoltaic project in Abu Dhabi, UAE United Arabs. This operation was carried out with TAQA Group and Masdar, the shareholders of Abu Dhabi and leaders in the electricity and renewable markets.
Amounting approximately $1 billion, the operation was carried out as project financing, by BNP Paribas acting as lead manager, alongside Bank of China, Crédit Agricole, HSBC, MUFG, Sumitomo Mitsui Banking Corporation and Standard Chartered, which act as mandated arrangers.
The finalization of the financing allows the launch of the construction of the photovoltaic plant. Located in the Al Dhafra region, 35 kilometers south of the city of Abu Dhabi, it will be the most powerful in the world.
It will also be the first power plant of this scale to deploy bifacial modules which capture solar radiation through both sides of the photovoltaic modules and thus benefit from the reflection of light from the ground. This technology makes it possible to increase the energy efficiency of the installation. Equipped with more than 4 million photovoltaic modules, the solar power plant will cover a desert climate area of approximately 20 square kilometers.
As soon as it is commissioned in 2022, Al Dhafra PV2 will be able to supply electricity to the equivalent of 160,000 homes each year.
Following a call for tenders launched in June 2019 by the Emirates Water and Electricity Company (EWEC), a leading player coordinating the planning, procurement and supply of water and electricity in the Emirate of Abu Dhabi, the EDF Renewables – Jinko Power consortium presented the most competitive offer.
This project is the subject of a public-private partnership (PPP), EDF Renewables and Jinko Power each hold 20 % shares; the remaining 60%s go to TAQA Group and Masdar.
On July 23, 2020, the four partners signed the 30-year electricity sales contract (PPA).
Bruno Bensasson, EDF Group Executive Director in charge of the Renewable Energy Sector and Chairman and CEO of EDF Renewables, declares: “The Al Dhafra PV2 photovoltaic project demonstrates EDF's desire to support the United Arab Emirates in the implementation of their National Plan to combat climate change. We are leveraging all our expertise for this new generation power plant in Abu Dhabi. Securing financing carried out jointly with our partners and
financial community is a major step in the realization of this project. We are now fully mobilized on the construction phase of this plant with a view to its commercial commissioning planned for 2022. This 2 GW photovoltaic plant also participates in EDF's CAP 2030 strategy aimed at doubling its renewable capacities installed in the world from 28 to 50 GW net, between 2015 and 2030.”
ABOUT EDF
A major player in the energy transition, the EDF group is an integrated energy company, present in all businesses: production, transport, distribution, trading, energy sales and energy services. Leader in low-carbon energies in the world, the Group has developed a diversified production mix based on nuclear energy, hydraulics, new renewable energies and thermal energy. The Group participates in the supply of energy and services to approximately 38.9 million customers*, including 28.8 million in France. In 2019, it achieved a consolidated turnover of 71.3 billion euros. EDF is a company listed on the Paris Stock Exchange.
*Customers are counted at the end of 2019 by delivery site; a customer can have two delivery points: one for electricity and another for
gas.
ABOUT EDF RENEWABLES
EDF Renewables is an international leader in renewable electricity production with installed wind and solar capacity of 13.2 GW gross worldwide. Mainly present in Europe and North America, EDF Renewables continues its development by taking a position in promising emerging markets such as: Brazil, China, India, South Africa and the Middle East. Historically active in onshore wind power and photovoltaics, the Company is now strongly positioned in offshore wind power and new technologies such as energy storage. EDF Renewables ensures the development and construction of renewable energy projects as well as their operation and maintenance. EDF Renewables is a subsidiary of the EDF group.
For more information: www.edf-renouvelables.com
Follow us on Linkedin: https://www.linkedin.com/company/edf-renouvelables and on Twitter @EDF_RE in French and @EDF_Renewables in English.
PRESS CONTACT
Manon de Cassini-Hérail ▪ Tel.: +33 (0)1 40 90 48 22 ▪ Email: manon.decassini-herail@edf-en.com
ABOUT JINKO POWER
A renowned global independent power producer founded in 2011, Jinko Power develops, builds, finances, owns and operates photovoltaic power plants. Our ambition is to make photovoltaic energy the most sustainable and competitive source of energy anywhere in the world.
As of September 2020, the company owned and connected approximately 3 GW of PV projects in China, and managed an extensive international portfolio of assets, including a stake in the world's largest PV plant in
exploitation. We are developing a global portfolio of large-capacity photovoltaic power plant projects in our strategic markets, namely China, the Middle East, Europe, Latin America, and Asia Pacific.
PRESS CONTACT
Mr. Sebastian Liu ▪ Tel. : +862151833288 ▪ Email: irchina@jinkopower.com