Emirates Water and Electricity Company (Ewec) – formerly Adwec (Abu Dhabi Water and Electricity Company) – has invited expressions of interest (EOI) from leading developers to finance, build and operate a 2000MW solar photovoltaic (PV) Independent Power Project in Abu Dhabi besides taking responsibility for its maintenance and ownership.
To come up at Al Dhafra, around 50 km from the UAE capital, the greenfield solar PV plant is aimed at supporting the emirate’s achievements in sustainability and energy diversification through the use of renewable and clean energy.
Ewec said under the contract, the winning developer or developer consortium will own up to 40 per cent of a special-purpose vehicle (SPV), while the remaining equity will be held directly or indirectly by a combination of Abu Dhabi Power Corporation (ADPC) and other government entities.
The SPV will then enter into a long-term power purchase agreement (PPA) with the Ewec, the single buyer of power and water capacity output in the emirate and a wholly-owned subsidiary of ADPC, stated the Abu Dhabi utility in a tender notification.
The PPA will be structured as an energy purchase agreement whereby the procurer will be payinng for the net electrical energy supplied by the plant, it added.
The winning developer or the consortium will work closely with Ewec to implement a plan of development, design, equipment selection and procurement besides engineering, construction, finance, operation and maintenance for the project.