A consortium led by Abu Dhabi National Energy Company (Taqa) and Masdar, in partnership with France’s EDF Renewables and China's JinkoPower, reached financial close on the world’s largest solar power plant in Abu Dhabi.
The 2-gigawatt Al Dhafra Solar PV plant is being financed by seven international banks, Taqa said in a statement on Tuesday.
"The financial closing of the world’s largest solar plant marks the beginning of an important chapter for this IPP [independent power producer] project, for Taqa Group and for the UAE as we continue to deliver on our bold clean energy ambitions, while demonstrating the commercial and operational viability of utility-scale single-site solar projects,” Jasim Husain Thabet, group chief executive and managing director of Taqa, said.
Taqa will own 40 per cent of the Al Dhafra project, while Masdar, EDF Renewables and JinkoPower will each have a 20 per cent stake. The plant is expected to become fully operational in 2022 and will generate enough electricity for about 160,000 homes across the UAE.
“We have an expanded portfolio of power and water assets that we will grow further through a disciplined approach, adding value for our shareholders and delivering a diverse supply of energy for our stakeholders and the communities in which we operate," Mr Thabet said.
Earlier in the year, bidding for the project led to one of the world's most competitive tariffs for solar power, which was set at Dh4.97 fils per kilowatt hour ($1.35 cents/kWh). The tariff was further improved to Dh4.85 fils/kWh “primarily driven by hedging and financing cost improvements, in addition to other optimisation efforts”, Taqa said.
The project “underlines the growing appeal of renewable energy from both a commercial and environmental perspective, and the attractiveness of the UAE as a location for the world’s largest and most cost-competitive renewable energy projects,” Mohamed Jameel Al Ramahi, chief executive of Masdar, said.
The UAE is diversifying its energy mix and turning to solar and nuclear energy as it looks to free up hydrocarbons for export markets and generate up to 44 per cent of its energy from clean sources by 2050.
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The%20Killer
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The%20Beekeeper
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
MEDIEVIL%20(1998)
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Mohammed bin Zayed Majlis
