An Asian consortium, comprising JinkoSolar Holding of China and Marubeni Corporation of Japan,  made the lowest bid for a 350 megawatt (MW) solar photovoltaic (PV) independent power project in Abu Dhabi, UAE, said a report.

The record-low bid of 2.42 cents a kilowatt-hour for power was the cheapest ever for solar power generation by a commercial project, reported the state news agency Wam, citing a senior government official.  

Besides their bid, the government-owned Abu Dhabi Water and Electricity Authority (Adwea) received five more bids from leading consortia to build the plant at Sweihan, some 120 km east of the UAE capital Abu Dhabi.

The Asian bid marks another record for solar technology prices, reflecting declining costs for photovoltaic cells and cheaper financing for clean-energy projects, according to an official from the Middle East Solar Energy Industry Association, who asked not to be identified citing policy.

The solar technology prices which have fallen almost 70 per cent in the past five years, according to data compiled by Bloomberg New Energy Finance.

Competition among Chinese solar manufacturers including Jinko has brought down the cost of delivering panels while more investors have become comfortable with backing the technology, reducing borrowing costs, said the report.

Adwea is still studying the bids and will be signing a final agreement for construction and operation of the plant in the first quarter of 2017.