Masdar secures financing for Phase 3 of »Mohammed bin Rashid Al Maktoum Solar Park«
Post date: 15/06/2017 - 14:23
The financing for Phase 3 of the »Mohammed bin Rashid Al Maktoum Solar Park« in Dubai has been completed by the Masdar-led consortium, with EDF Group’s subsidiary, EDF Energies Nouvelles, which is developing the 800 MW project in partnership with Dubai Electricity and Water Authority (DEWA). According to the company, financing structure has been developed which includes seven different institutions: from the Middle East, the Union National Bank, the Islamic Development Bank and the Arab Petroleum Investments Corporation (APICORP); commercial banks Natixis, from France, Siemens Financial Services, from Germany, and Korea Development Bank; and Canada's export credit agency, Export Development Canada (EDC).
The »Mohammed bin Rashid Al Maktoum Solar Park« is the largest single-site solar park in the world based on the IPP model, and is instrumental to the Dubai Clean Energy Strategy 2050. The solar park’s production capacity will reach 5,000 MW by 2030 with investments totalling AED 50 billion. The third phase has set a global benchmark in solar tariffs at a price of ¢2.99 per kWh and will be operational by 2020; after completion, generating around 2.5 million MWh per annum. The plant is being delivered in three stages. Considerable progress is being made on site, with drilling and piling works underway for the placement of photovoltaic panels. Completion of Stage A is due in 2018, the 300 MW Stage B in 2019, and the final 300 MW Stage C in 2020.