Export Development Canada (EDC) has provided $72m in financing within the larger $655m senior project finance banking facilities for Phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park (Solar Park) in Dubai.
The scope of the project will include the development, construction, and operation of an 800MW solar photovoltaic (PV) power project located within the Solar Park.
Covering an area of 16 sq km, the 800MW PV plant will generate around 2.5 million MWh of electricity per annum on completion.
The solar park is touted to be the largest single-site solar park in the world. By 2030, it is expected to displace an estimated 6.5 million tonnes of CO2 each year.
EDC's financing is predicated on the sale of solar panels from Canadian Solar, a clean technology company.
Canadian Solar chairman and CEO Shawn Qu said: "We are proud to be partnering with Masdar/DEWA/EDF on this outstanding project.
"On the financing side, we are very pleased to have EDC's commitment and continuous support for our global growth. As Dubai diversifies its energy portfolio, our partnership will serve as an excellent example for future utility-scale solar projects in the region, and we are eager to contribute further to the energy market growth in the Middle East."
Carl Burlock, senior vice president of financing and international growth capital at EDC said: "Supporting clean technologies is a strategic priority for EDC.
"Canadian Solar's contribution to an international project of this size is a testament to Canada's leading expertise in the clean energy space."