Financial close achieved for 1.8 GW Solar project in UAE

Dubai Electricity and Water Authority (DEWA) and Masdar announced the financial closing of the 1800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park located in Dubai, UAE.

The solar park will provide clean energy for approximately 540,000 residences and will reduce around 2.36 million tonnes of carbon emissions annually. Spread over 20 sq km, the solar photovoltaic (PV) power plant will become operational in three phases. 

Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the sixth phase of the solar plant. The PV project has achieved the lowest Levelized Cost Of Energy (LCOE) of US$1.6215 cents per kilowatt hour (kWh) and is expected to exceed 5,000 MW by 2030, with investments totaling approximately AED5.5 billion (US$1.49 billion).

The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank and Warba Bank.