Fin close reached on 1.8-GW phase of Dubai’s flagship solar project

Abu Dhabi Future Energy Company PJSC, also known as Masdar, and Dubai Electricity and Water Authority PJSC (DEWA), have secured all necessary financing to begin construction of the 1.8-GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

DEWA announced the financial closing in a press release after selecting Masdar as the preferred bidder to build and operate the AED-5.51 billion (USD 1.5 billion/EUR 1.38 billion) facility last summer.

Masdar will install the capacity using the Independent Power Producer (IPP) model, with a levelised cost of energy (LCOE) of USD 16.215 per MWh.

DWA owns 60% of the project’s sixth phase, with Masdar holding the remaining 40%. The project is financed by a lending consortium that includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, and Warba Bank.

The sixth-phase plant will cover 20 square kilometers (7.7 square miles) and produce enough electricity to power approximately 540,000 homes. The bifacial photovoltaic (PV) panels will be installed on single-axis trackers.

The Mohammed bin Rashid Al Maktoum Solar Park will have a total capacity of 5,000 MW and an installation cost of AED 50 billion. The massive complex is scheduled to be fully operational by 2030.

Currently, 2,627MW of total capacity is in operation, with an additional 2,033MW under construction. The sixth phase will increase the complex’s total production capacity to 4,660 MW by 2026.

(AED 1.0 = USD 0.272 or EUR 0.251)

Source DEWA

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