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JinkoSolar

Construction Begins At The Largest Solar Power Project In The Middle East

written by saurabh

Marubeni and JinkoSolar have initiated construction at the largest solar power in the Middle East. The 1.17 gigawatt solar power project will be located in Abu Dhabi and is one of the cheapest solar power projects in the world.

The joint venture of Marubeni and JinkoSolar secured the solar PV power project from Abu Dhabi Water and Electricity Authority (ADWEA) at a record-low tariff of 2.94¢/kWh. Once commissioned, the project will be one of the largest solar power projects in the world.

Marubeni and JinkoSolar will provide for 20% equity funding each while ADWEA shall arrange for debt funding. The debt to equity ratio for the power plant is unusual compared to global standards where debt usually consists of 70-80% of the total project cost. The project is expected to be commissioned in 2019.

Once commissioned, the Noor Abu Dhabi project will, briefly, compete with the Mohammed bin Rashid Al Maktoum Solar Park (Dubai solar power park). ACWA Power recently commissioned the 200 megawatt phase II of Dubai solar power park while a Masdar-led consortium has begun construction for 800 megawatt phase III of the project. The Dubai solar power park will eventually have an installed capacity of 5 gigawatts.

Abu Dhabi already hosts one of the largest concentrated solar power projects in Asia – the Shams 1.

Both the projects will form the backbone of United Arab Emirates’ move towards clean energy.

Through its submission to the United National Framework Convention on Climate Change (UNFCCC), the United Arab Emirates (UAE) announced its target to achieve 24% of low-carbon by 2021. The target is central to the Intended Nationally-Determined Contribution (INDC) …

The UAE Cabinet (…) endorsed the target to increase low-carbon energy contribution to the overall energy mix from 0.2% in 2014 to 24% in 2021. Low-carbon technologies would include renewable energy and nuclear power. This overall target would be distributed among the 7 Emirates, some of which (like Dubai) have already announced such targets.

05/28/2017 0 comment

Renewable Energy

Abu Dhabi Set To Close $872 Million Funding For 1,177 Megawatts Solar Project

written by saurabh

The Abu Dhabi Water and Electricity Authority is set to close a funding deal for the cheapest solar power project next month.

According to media reports, ADWEA will secure funding worth $872 million to set up 1,177 megawatts of solar power project. The project has already been allocated to a consortium of Marubeni and JinkoSolar. The project will come up in eastern Abu Dhabi over an area of 7.8 square kilometres. Final agreements for the project are expected to be signed very soon with commissioning scheduled for 2019.

Abu Dhabi Water & Electricity Authority will arrange for 60% finance through debt (likely at very low interest rates), Marubeni and JinkoSolar will provide for 20% of the funding each. Abi Dhabi had awarded the project at record tariff of 2.42¢/kWh last year. The tariff was the lowest-ever quoted for a solar power project globally at that time.

Dubai Electricity & Water Authority (DEWA) also allocated 200 megawatt capacity to ACWA Power through auction at one of the cheapest tariffs in the world. The company managed to secure the project at such cheap rates as it had access to debt funding at very low rates.

03/09/2017 0 comment

Renewable Energy

Marubeni Reveals Plans For 1.18 Gigawatts Solar Power Project In UAE

written by saurabh

A Japanese company has reported that it will work on one of the largest solar power projects in the Middle East.

Marubeni recently announced plans of developing a 1.18 gigawatts solar power project in the United Arab Emirates. According to a press release issued by the Japan-based company, the project will come up in the emirate of Abi Dhabi.

The project will come up in eastern Abu Dhabi over an area of 7.8 square kilometres. Final agreements for the project are expected to be signed very soon with commissioning scheduled for 2019. Marubeni estimates the total project cost at $868 million with various stakeholders contributing towards funding the project.

Abu Dhabi Water & Electricity Authority will arrange for 60% finance through debt (likely at very low interest rates), Marubeni and JinkoSolar will provide for 20% of the funding each.

It should be noted that Abi Dhabi had awarded a 350 megawatts solar PV project to a joint venture of Marubeni and China’s JinkoSolar at record tariff of 2.42¢/kWh last year. The tariff was the lowest-ever quoted for a solar power project globally at that time. The 350 megawatts tender was believed to be the first phase of 1,000 megawatts solar park.

It is not, however, clear if the Abu Dhabi Water & Electricity Authority has offered to entire solar power capacity of the planned solar power park for development to JinkoSolar-Marubeni joint venture. There has been such a precedent in the country.

Dubai Electricity and Water Authority (DEWA) had offered 100 megawatts capacity in the second phase auction of Mohammed bin Rashid Al Maktoum Solar Park. The auction was won by ACWA Power at record-low tariff of 2.99¢/kWh. DEWA subsequently offered additional 100 megawatts to ACWA Power for development at the same tariff. ACWA Power is now developing a total of 200 megawatts capacity at the solar power park.

02/20/2017 0 comment

Renewable Energy

JinkoSolar, Marubeni Score Lowest-Ever Solar PV Bid At 2.42¢/kWh In Abu Dhabi

written by saurabh

The United Arab Emirates has seen yet another record-breaking solar power tariff bid. Abu Dhabi received the lowest-ever bid for a solar PV project at a shocking 2.42¢/kWh, taking back the title of cheapest solar power project from Chile.

The record-breaking bid has been submitted by a consortium of Chinese module manufacturer JinkoSolar and Japanese developer Marubeni.

Abu Dhabi Electricity and Water Authority received a total of 6 bids for the proposed 350 MW solar PV project planned to be built in the town of Swaihan, Abu Dhabi. Out of 6 bids, the lowest ever bid of 2.42¢/kWh has been submitted by the JinkoSolar–Marubeni consortium. The results of the tender are not out yet, as authorities will now evaluate the proposals for technical and economic viability.

The current bid of 2.42¢/kWh is the lowest so far globally, and by quite a bit — it is shockingly low. This bid is 20% lower than the previous record bid of 2.91¢/kWh submitted at an auction in Chile last month.

The second-lowest bid in the Abu Dhabi tender was reportedly not much higher, at 2.53¢/kWh, and was submitted by a local firm. These bids also beat the 2.99¢/kWh bid (shocking at the time … and still to some extent) submitted by a Masdar-led consortium for an 800 MW solar PV project in Dubai.

The Abu Dhabi solar park was initially planned for 350 MW. However, media reports state a possible increase in project size, as bidders were allowed to bid for larger capacities. The final capacity of the solar power park may well increase to 1 GW.

In recent months, large solar power parks around the globe have received bids less than 4.00¢/kWh — in India, Chile, the UAE, and elsewhere.

Many large developers — including Italy’s Enel, TSK, ACWA, Abdul Latif Jameel, and Engie — reportedly pulled out of the Abu Dhabi tender due to expected high competition and concern over a drastic drop in prices.

09/20/2016 0 comment

Articles Renewable Energy

Pattern Energy Selects JinkoSolar Modules For 122 MW Chile Project

written by saurabh

California-based solar power project developer Pattern Energy has reported progress on a large-scale solar PV power project in Chile.

JinkoSolar reported that it has been selected to supply solar power modules for 122 MW Conejo solar power project in Chile. The project is being developed by California-based Pattern Energy. Located in the municipality of Taltal, in the Antofagasta region of northern Chile, the Conejo project is one of the largest solar power projects in Chile.

The project has signed a 22-year power purchase agreement with Minera Los Pelambres, an affiliate of Antofagasta Minerals, and will be connected to the Sistema Interconectado Central transmission system. The project is expected to be operational by second half of this year. Construction on the project began last year after Pattern Energy secured debt funding worth $205 million.

Chile currently has an operational solar power capacity of over 1 GW with several large-scale solar power projects expected to be commissioned over the next few years. Recently, a subsidiary of Enel Green Power commissioned Latin America’s largest solar power project with 160 MW capacity.

SunPower announced plans to set up 1 GW worth of solar power capacity in the country over the next 5 years. EDF Energies Nouvelles and Marubeni announced that they would jointly develop a 146 solar PV power project in the country, which is expected to be one of the largest merchant solar power plants in the world. SolarReserve also has aggressive plans to set up large-scale hybrid solar power projects.

05/31/2016 0 comment

Renewable Energy

Chinese Solar Company Vows Toxic Cleanup After Four-Day Protest

written by Yale Environment 360

A Chinese solar panel company has apologized for a devastating toxic spill at one of its manufacturing plants in August and vowed to clean up the pollution after four days of protests outside its headquarters.

According to reports, solid waste contaminated with

09/20/2011 1 comment