September 4, 2020 Read More →

Financing complete for 900MW fifth phase of massive Dubai solar park

Arabian Business:

Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

Shuaa Energy 3 is the special purpose vehicle incorporated for the project, with 60 percent ownership by the Dubai Electricity and Water Authority (DEWA) and the balance split between ACWA Power and Gulf Investment Corporation (GIC), the company said in a statement.

The project involves the construction of a 900MW solar PV plant, using bi-facial panels with tracking technology at a capital cost of $564 million.

ACWA Power said the project has been the focus of “significant international interest”, having demonstrated one of the lowest levelised cost of electricity in the world of 1.6953 US cents per kWh.

The EPC agreement for the construction of the project was signed with Shanghai Electric in July.

The 900MW fifth phase of the solar park is expected to become operational in stages starting from the second quarter of 2021. The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world.

[Sam Bridge]

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