Al Dhafra (DPV2) PV

Al Dhafra (DPV2) PV - a Solar Independent Power Producer in UAE. Capacity 2.0 GW. Winning consortium: TAQA + Masdar + EDF + JinkoPower. LCOE: USD $0.0132/kWh. Status: Operational.

Country

UAE

Procurer

EWEC

City / region

Al Dhafra, Abu Dhabi

Capacity

2.0 GW

Status

Operational

LCOE

USD $0.0132/kWh

Winning consortium

TAQA + Masdar + EDF + JinkoPower - equity: TAQA 40% / Masdar 20% / EDF 20% / Jinko 20%

Procurement timeline

• RFP: Q4 2019
• Bid submission: Apr 2020
• Preferred bidder: 26 Jul 2020
• Commercial close: Jul 2020
• Financial close: Dec 2020 (refi via $870M green bond Jan 2026)
• PCOD: Nov 2023

Prequalified bidders

• TAQA+Masdar+EDF+Jinko
• ACWA Power
• Marubeni
• EDP
• Engie/Mitsui

Financing

• Capex: USD 1.0 bn
• Debt: USD 850 M (refi USD 870.75 M green bond Jan 2026)
• Lenders: BNP Paribas (lead), MUFG, CACIB, HSBC, KfW IPEX, ADIB, SuMi Trust, EDB
• Tenor: Hard mini-perm; refi long-dated green bond

Technical scope

Process: ~4M bifacial modules, single-axis tracker, ~20 km²

World-record 1.32c at award. World's largest single-site solar at COD

Notes

DPEC SPV. EWEC's first 30-yr PPA solar IPP.

EPC contractor: JinkoSolar + Sterling & Wilson

Sources

• EWEC
• Masdar inauguration

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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.