Abu Dhabi Water & Electricity Authority (ADWEA) has started construction of solar power station that will become the world's second largest power plant.
ADWEA raised $650 million in debt for a period of 25 years from four Japanese, two French and one local bank. Bank of Tokyo Mitsubishi is the leading arranger of the loan. The developer company, which is JV between Jinko Solar Chinese solar panels’ manufacturer and Marubeni Japanese company, has contributed remaining $222 that uniting the.
Construction of the solar plant with a capacity of 1,177 megawatts will be completed in the second quarter of 2019.
As per the Emirate of Abu Dhabi plans, 7% of electricity needs should be come from clean energy sources by 2020, this figure should grow to 25% by 2030, and to 75% by 2050.