A partnership consisting of French utility EDF and China’s Jinko Solar has emerged as the leading bidder to construct a massive solar farm in the United Arab Emirates, according to Bloomberg.
The solar farm is anticipated to supply power at possibly record-low prices (EDF and Jinko offered a price of 1.35 cents per kilowatt-hour).
Abu Dhabi Power Corp. received five bids to build the 2-gigawatt solar project. The winning bidder will take a 40 percent stake in the project and sign a 30-year power-purchase agreement (PPA), a source at Emirates Water and Electricity Co. told Bloomberg. The project will more than double Abu Dhabi’s solar generating capacity to 3.2 gigawatts.
The PPA is expected to be signed within the next couple of months, with financing to follow.
