DEWA, team achieve financial close on 950MW Phase 4 of Saudi solar park

WCN Editorial Team 26 Mar 2019 MIDDLE EAST ENERGY & UTILITIES

Dubai Electricity and Water Authority (DEWA) and a consortium led by Saudi Arabia’s ACWA Power and Chinese government-owned Silk Road Fund, have achieved financial close on the 950MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The largest single-site solar park in the world, covering 44km², will produce 5,000MW by 2030 with investments totalling AED50bn ($13.6bn).

DEWA managing director and CEO Saeed Mohammed Al Tayer and ACWA Power chairman Mohammad Abdullah Abunayyan announced this at a media conference.

Al Tayer said: “DEWA is implementing the fourth phase of the solar park in cooperation with Saudi Arabia’s ACWA Power and China’s Silk Road Fund.

“This phase is the largest single-site investment project in the world. It uses both Concentrated Solar Power (CSP) and photovoltaic solar technologies based on the Independent Power Producer (IPP) model with investments up to AED15.78 billion.

“It will use 700MW of CSP; 600MW from a parabolic basin complex and 100MW from a solar tower; and 250MW from photovoltaic solar panels.

“This phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions annually.”

The project will feature world’s tallest solar tower at 260 metres and the largest thermal storage capacity of 15 hours, which will allow energy availability round the clock.

He said that the solar power projects currently operational in the solar park have a capacity of 413MW and DEWA currently has three more projects under implementation with a capacity of 1,550MW.

DEWA has recently announced the 900MW fifth phase using photovoltaic solar panels, bringing the total capacity of the five phases announced so far to 2,863MW.

Noor Energy 1 was launched in a partnership between DEWA, ACWA Power and China’s Silk Road Fund to build the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The lending group includes Agricultural Bank of China, Bank of China, China Everbright Bank, China Minsheng Bank, Commercial Bank of Dubai, Commercial Bank International, Industrial and Commercial Bank of China, Natixis, Standard Chartered Bank and Union National Bank.

In addition, long-term loans have been provided by Bank of China, Commercial Bank of Dubai, Emirates NBD Bank, First Abu Dhabi Bank, Mashreq Bank and Union National Bank.

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Image: Officials announcing the financial close on the 950MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park. Photo: Courtesy of Dubai Electricity and Water Authority.

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