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FIRST FORAY INTO SOLAR SECTOR

Abu Dhabi picks advisers for 350MW solar park

ABU DHABI, March 12, 2016

Abu Dhabi Water and Electricity Authority (Adwea) said it has selected advisers for a 350-megawatt (MW) solar park in Abu Dhabi, said a report.

The Abu Dhabi utility has selected its financial, legal and technical advisers for the project to be built in Sweihan, about an hour’s drive east of the capital, reported The National.

This will be Adwea’s first foray into the solar sector, and many companies are lining up to get a chunk of the project, including regional firms such as Masdar and the Saudi companies Acwa Power and Abdul Latif Jameel, stated the report.

The park is to produce enough electricity to power more than 50,000 homes, with Adwea paying only for the net electricity supplied by the plant. The utility is to own 60 per cent of the project with the developer (which has yet to be selected) holding the remaining stake, it added.

The lobbying firm Akin Gump Strauss Hauer & Feld has been chosen to handle the legal side, while Alderbrook Finance, a company led by Bill Appleby, the former Citigroup head of project finance in Europe, Middle East and Africa region, will take the lead as financial adviser and Fichtner Consulting Engineering will provide the technical expertise.

Fichtner, a German company, confirmed that it was appointed as technical adviser. The independent engineering consultancy is also involved in the third phase of the Mohammed bin Rashid Al Maktoum PV solar park, which will produce 800MW, stated the report.

For the financial role, the big four financial advisers – Ernst & Young, PricewaterhouseCoopers, Deloitte and KPMG – were edged out by a boutique firm.




Tags: abu dhabi | adwea | solar park |

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