{"id":93659,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/1-5-gw-al-ajban-solar-plant-secures-usd-150-mn-in-funding\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"1-5-gw-al-ajban-solar-plant-secures-usd-150-mn-in-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/09\/1-5-gw-al-ajban-solar-plant-secures-usd-150-mn-in-funding\/","title":{"rendered":"1.5 GW Al Ajban Solar Plant secures USD 150 mn in funding"},"content":{"rendered":"

Korea Eximbank to provide USD 150 mn for Abu Dhabi\u2019s Al Ajban Sola<\/strong>r Plant: <\/strong>The Export-Import Bank of Korea<\/a> (Korea Eximbank) is set to provide a USD 150 mn loan for the 1.5 GW Al Ajban solar power plant in Abu Dhabi, the Korea Herald<\/a> reports, citing a statement from the bank. The financing marks the first time the bank provides financing for a renewable energy project in the UAE, and accounts for 16.67% of the total costs of the project, estimated at USD 900 mn.<\/p>\n

ICYMI-<\/strong> The development of the project had an initial <\/span>estimated investment ticket<\/a> of around USD 748 mn. The bank had signed a letter of interest in the initial stages of the bidding process.<\/span><\/p>\n

Who are the project\u2019s developers? <\/strong>The Emirates Water and Electricity Company (Ewec) signed a power purchase agreement<\/a> with an international consortium comprising France\u2019s EDF and Korea Western Power (Kowepo) to develop Ewec\u2019s project in April. Ewec selected the consortium in February and awarded it development rights for the project, with Masdar serving as the local shareholder. <\/p>\n

PowerChina recently joined the project<\/strong>: PowerChina Huadong Engineering Corporation secured an engineering, procurement, and construction (EPC) contract<\/a> for the solar power plant last week. The plant is set to be home to three of the world's largest solar sites when it becomes operational in 3Q 2026. <\/p>\n","protected":false},"excerpt":{"rendered":"

Korea Eximbank will finance 16.67% of the USD 900 mn project<\/p>\n","protected":false},"author":1,"featured_media":93660,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1360,68,7,211,406],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-abu-dhabi","tag-debt-watch","tag-enterpriseam-uae","tag-renewables","tag-solar-energy","wpautop","entry"],"acf":{"mongo_id":"5a8746ca-6301-4f76-ae95-b855083b36be","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/657.jpg","photo_position":"above","homepage_title":"","full_issue_title":"1.5 GW Al Ajban Solar Plant secures USD 150 mn in funding","related_issue":[93647],"teaser":"Korea Eximbank will finance 16.67% of the USD 900 mn project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.7438864a-8532-46d4-82cf-54dbadf323f3.mp3"},"yoast_head":"\n1.5 GW Al Ajban Solar Plant secures USD 150 mn in funding - 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