Abu Dhabi: Solar Power at 2.42 Cents a Kilowatt-Hour
September 20th, 2016Disclosure: I sell solar power systems in New Zealand.
Via: Bloomberg:
Two companies offered to build the cheapest solar power plant on record in Abu Dhabi, reflecting declining costs for photovoltaic cells and cheaper financing for clean-energy projects.
Government-owned Abu Dhabi Water & Electricity Authority received a record-low bid of 2.42 cents a kilowatt-hour for power from a planned facility in the Persian Gulf sheikhdom, state-run Emirates News Agency said. The utility on Monday opened six bids to build a solar plant capable of generating at least 350 megawatts, the agency said. JinkoSolar Holding Co. of China and Japan’s Marubeni Corp. made the lowest joint offer, according to an official from the Middle East Solar Energy Industry Association, who asked not to be identified citing policy.
The bid marks another record for solar technology prices, which have fallen almost 70 percent 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.
