Global law firm Norton Rose Fulbright has advised Marubeni Corporation (Marubeni) and JinkoSolar Holding Co., Ltd (JinkoSolar) in relation to the signing of a Power Purchase Agreement (PPA) to construct, operate and maintain one of the largest and most competitive photovoltaic power plants in the world.
The project will be the largest solar PV power plant in the world to date, have a power generation capacity of 1,177 MW (DC), with one of the most competitive tariffs for energy. It will be located near the town of Sweihan, Abu Dhabi, with financial close scheduled for the spring of 2017. The project commercial operation date is expected to occur in April 2019.
Marubeni, the largest Japanese overseas power producer, and JinkoSolar, a global leader in module manufacturing, together with Abu Dhabi Water and Electricity Authority, will own the project through a special purpose company that will construct, operate and maintain the PV plant under a 25 year PPA.
Chris Down, partner, Norton Rose Fulbright, comments:
“This project is a cornerstone to the UAE’s ambitions to increase renewable energy capacity and diversify its fuel supply to satisfy demand in the region. This is also milestone project for the global solar PV market in terms of scale and cost, and we look forward to seeing how this fast moving industry develops in response.”
The Norton Rose Fulbright team was led by partners Chris Down, Charles Whitney and Peter Hall, and included of counsel, Kate Kortenbout, senior associate Jared Franicevic and associate, Alexandra Jeffreys.
This follows a string of ground-breaking renewables transactions on which Norton Rose Fulbright’s global energy team has been involved in, including most recently, the Tidal Lagoon power project in Swansea bay, the first of its kind in the world, and the Sapphire wind farm in New South Wales, Australia, which will be the largest wind farm in NSW and was the largest wind farm to reach financial close in Australia in 2016.
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