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

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 Wam. 

Besides their bid, the 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 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.

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. 

The Sweihan plant would be Adwea’s first foray into renewable energy, though Masdar has launched some renewables projects in the emirate. Commercial operations at the plant are expected to begin in the first quarter of 2019.