Fifth Phase of Mohammed bin Rashid Al Maktoum Solar Park

Financing completed for $564m fifth phase of Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Project is majority owned by DEWA and with Saudi Arabia’s ACWA Power and GIC as investors. The 900MW solar PV plant, which will use bi-facial panels with tracking technology, is expected to cost around $564 million. On commissioning, it will generate one of the “lowest leveled costs of electricity in the world of 1.6953 US cents per kWh”. The EPC (engineering, procurement, construction) agreement for the project was signed with Shanghai Electric in July.

Financing was done by Abu Dhabi Islamic Bank, Arab Petroleum Investment Corporation, Industrial and Commercial Bank of China, Emirates NBD Bank, Natixis, SAMBA Financial Group, Standard Chartered Bank and Warba Bank. Securing this amount of long tenor project financing for Shuaa Energy 3 PSC even as COVID 19 pandemic continues to cause social and economic disruption to the entire world illustrates the combined capabilities and trusted partnership between ACWA Power and DEWA.

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