International Finance
Energy Featured

ADPower receives the world’s largest tariff bid for Al Dhafra project

ADPower Al Dhafra
The Al Dhafra project is expected to increase Abu Dhabi’s total solar power generation capacity to 3.2 GW

Abu Dhabi Power Corporation (ADPower) has received the largest tariff bid in the world for its 2 GW Al Dhafra Solar Photovoltaic Independent Power Producer project, media reports said. The bid is worth Dh 4.97 fils/kWh.

ADPower’s solar project is located in Al Dhafra, Abu Dhabi. According to a statement, Emirates Water and Electricity Company has received bids from five consortia for the project. Emirates Water and Electricity Company is a subsidiary of ADPower.

Othman Al Ali, CEO of EWEC, told the media, “The cost-competitiveness of the bids received is truly remarkable – positioning Abu Dhabi as one of the world’s most attractive markets for solar energy development and reinforcing the economic benefits now achievable through renewable technologies. Securing such competitive tariffs on our energy projects is fundamental to support economic growth across all sectors in the UAE. We look forward to signing the Power Purchase Agreement and to delivering the project in Q2 2022.”

It is reported that the Levelised Cost of Electricity (LCOE) for the project is nearly 44 percent lower compared to the tariff set three years ago for the 1.2 GW Noor Abu Dhabi project. The Al Dhafra project is expected to increase Abu Dhabi’s total solar power generation capacity to 3.2 GW. The project will reduce carbon emissions by over 3.6 million metric tonnes annually, which is equal to eliminating 720,000 cars, the statement said.

Financing, construction, operation, and maintenance of the solar plant are part of the tender. Asim Husain Thabet, CEO and managing director of ADPower, told the media, “The Al Dhafra solar PV project will play a critical role in delivering these ambitions.”

What's New

Business Leader of the Week: Meet Leonid Mikhelson, CEO of Russian energy giant Novatek

IFM Correspondent

Saudi Arabia & Australia trade deal: All you need to know

IFM Correspondent

IF Insights: Will BoE react to plummeting UK inflation with rate cuts?

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.