The third phase for the Mohammed bin Rashid Al Maktoum Solar Park in Dubai has reached financial close.
Funding has been procured from the Union National Bank, the Islamic Development Bank and the Arab Petroleum Investments, the commercial banks of Natixis from France, Germany’s Siemens Bank, Korea Development Bank, and Export Development Canada.
The project is being developed by EDF Group subsidiary EDF Energies Nouvelles in collaboration with Dubai Electricity and Water Authority (DEWA).
EDF Group senior executive vice president of renewable energies and EDF Energies Nouvelles CEO Antoine Cahuzac said: "The completion of this sophisticated financing represents a major milestone in the implementation of third phase of the Mohammed bin Rashid Al Maktoum Solar Park. This project is a perfect illustration of EDF Group's CAP 2030 strategic ambition for renewable energy.
“The commitment from international financial institutions alongside Middle-Eastern financial institutions has been instrumental to the delivery of this important project, in partnership with Masdar and DEWA.”
Located on a 16 sq km site, the plant will have a capacity of 800MW and will generate nearly 2.5 million megawatt-hours of electricity annually.
Stage A of the project is expected to be completed in 2018, 300MW Stage B in 2019, and 300MW Stage C in 2020. Tilting panels, which track the sun, will be used in the project’s third phase. Work is currently underway on the drilling and piling works for the placement of photovoltaic panels.
DEWA MD and CEO Saeed Mohammed Al Tayer said: “The project has also set a global benchmark in solar tariffs at a price of 2.99 US cents per kilowatt-hour, a world-record-low tariff for solar power generation.”