A consortium comprising Abu Dhabi Future Energy Company (Masdar) has achieved financial closing of the 1.5-gigawatt (AC) Al Ajban Solar PV Independent Power Producer (IPP) project in Abu Dhabi. 

Financing has been secured from six global banks and financial institutions, which include BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation and Export-Import Bank of Korea.

The project company, owned 60 percent by Masdar and 20 percent each by EDF Renewables and Korea Western Power (KOWEPO), signed a 30-year power purchase agreement (PPA) with the Emirates Water and Electricity Company (EWEC) in April. It will design, finance, build and operate the plant.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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