Al Ajban PV

Al Ajban PV - a Solar Independent Power Producer in UAE. Capacity 1.5 GW. Winning consortium: EDF + KOWEPO + Masdar. LCOE: USD $0.0141/kWh. Status: Construction.

Country

UAE

Procurer

EWEC

City / region

Al Ajban, Abu Dhabi

Capacity

1.5 GW

Status

Construction

LCOE

USD $0.0141/kWh

Winning consortium

EDF + KOWEPO + Masdar - equity: Masdar 60% / EDF 20% / KOWEPO 20%

Procurement timeline

• RFP: Q3 2023
• Bid submission: Q1 2024
• Preferred bidder: 26 Apr 2024
• Commercial close: Q2 2024
• Financial close: Sep 2024
• PCOD: Q3 2026

Prequalified bidders

• EDF + KOWEPO + Masdar
• ACWA Power
• Jinko + JERA
• Engie/Marubeni
• TotalEnergies

Financing

• Capex: USD 900 M
• Debt: USD 700 M
• Lenders: StanChart, MUFG, SMBC, CACIB, SocGen, KDB
• Tenor: ~27-yr soft mini-perm

Technical scope

Process: 1.5 GW bifacial + tracker

Bid 5.1921 fils/kWh; powers ~160k homes

Notes

EWEC's 3rd utility-scale solar IPP.

EPC contractor: PowerChina (Jul 2024)

Sources

• SolarQuarter
• SaudiGulf FC

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Part of the GulfInfra · GCC Infrastructure Library - a free open-source benchmark of 136 public-private partnership procurements across the GCC. Methodology: how we build this.