Solar park gets advisers
01 April 2016
Abu Dhabi Water and Electricity Authority (Adwea) has selected financial, legal and technical advisers for a 350-MW solar park in Abu Dhabi.
Akin Gump Strauss Hauer & Feld has been chosen to handle the legal side, Alderbrook Finance will take the lead as financial adviser and Fichtner Consulting Engineering will provide the technical expertise, The National newspaper said.
Alderbrook Finance is led by Bill Appleby, the former Citigroup head of project finance in Europe, Middle East and Africa region.
Fichtner, a German company, is also involved in the third phase of the Mohammed bin Rashid Al Maktoum solar park in Dubai, which will produce 800 MW.
The solar project is to be built in Sweihan, about an hour’s drive east of the capital, and will be Adwea’s first foray into the solar sector. It will produce enough electricity to power more than 50,000 homes, with the authority paying only for the net electricity supplied by the plant. The utility is to own 60 per cent of the project with the developer – who is yet to be selected – holding the remaining stake.
Several companies including Masdar and Saudi Arabia’s Acwa Power and Abdul Latif Jameel are interested in the project, the report added.
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