Third phase of Mohammed bin Rashid Al Maktoum Solar Park reaches financial close

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
A financing structure has been developed which includes seven different institutions located in the Middle East, Germany, France, South Korea and Canada. Image: Masdar

EDF Group announced Wednesday that financing for the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai has officially been completed.

This marks a significant milestone for the Masdar-led consortium featuring EDF subsidiary EDF Energies Nouvelles. Together, the group is developing the 800MW project in partnership with Dubai Electricity and Water Authority (DEWA).

A financing structure has been developed which includes seven different institutions, the Union National Bank, the Islamic Development Bank and the Arab Petroleum Investments Corporation, commercial bank Natixis, Siemens Financial Services, Korea Development Bank and Export Development Canada.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: “DEWA has adopted the Independent Power Producer (IPP) model to build the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park. It has generated international interest from global business and energy companies, which reflects the trust and interest from international investors in large projects adopted by Dubai Government.

This has been supported by the favourable existing regulatory and legislative frameworks in Dubai that enable public-private partnerships. The project had also set a global benchmark in solar tariffs at a price of US$0.0299/kWh, a world-record-low tariff for solar power generation. The third phase will be operational by 2020.”

Al Tayer added: “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 5,000MW by 2030 with investments totalling US$13.6 billion. It will eventually save over 6.5 million tonnes of carbon emissions every year, supporting Dubai's objectives to promote its sustainable goals.”

The 800MW PV project is expected to generate 2.5TWh per annum upon completion.

EDF Energies Nouvelles announced back in March that it was joining the Masdar-led consortium responsible for the development of the project.

The 16 square km phase will be developed in three stages. The first 200MW section is currently under construction and is set to be completed by April 2018. The 300MW second set is expected to come online in April 2019, while the 300MW final stage is scheduled for April 2020.

Read Next

May 10, 2021
Tutly Solar, French energy giant Total Eren’s subsidiary in Uzbekistan, has been awarded an €87.4 million US$106.32 million) loan package to develop a utility-scale solar PV system in the country.
April 12, 2021
A consortium between Abu Dhabi-based Masdar, EDF Renewables and Nesma Holding Company has broken ground on a 300MW PV project in Saudi Arabia.
March 31, 2021
DNV has released the world’s first recommended practice (RP) for floating solar projects to help reduce risks for developers and increase investor confidence in the segment.
March 16, 2021
Abu Dhabi-based renewables company Masdar is continuing its international expansion with new plans to develop 500MW of solar in Ethiopia through a partnership with the country’s government.
March 11, 2021
Masdar has signed an agreement with Malaysian state-owned energy firm Petronas to explore the development of large-scale solar projects in Asia and the Middle East.
March 2, 2021
Abu Dhabi-based renewables company Masdar has a “significant ambition” to expand its clean energy portfolio in Southeast Asia, a company executive has told PV Tech.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021