Financing for the third phase of 800MW Mohammed bin Rashid Al Maktoum Solar Park, which will be developed in Dubai by a Masdar-led consortium, has been closed.
The consortium also features EDF Energies Nouvelles, a subsidiary of EDF Group which will be developing the project alongside Abu Dhabi-based renewable energy company Masdar in partnership with Dubai Electricity and Water Authority (DEWA).
A sophisticated finance structure has been developed for the solar project which has the backing of seven institutions including Islamic investment.
EDF Group Renewable Energies senior executive vice president and EDF Energies Nouvelles CEO Antoine Cahuzac said: “The completion of this sophisticated financing represents a major milestone in the implementation of the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubaï.
“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.
Spread on a 16km2 site, the 800MW photovoltaic plant, upon completion is touted to become the largest of its kind in the world.
The plant, which will be delivered in three stages, would generate about 2.5 million Mwh of solar power per annum after its completion. The third phase of the solar park unlike normal solar power arrays will utilize tilting panels that track the sun, by which it will maximise output.
EDF Energies Nouvelles stated that drilling and piling works are being carried out for the placement of photovoltaic panels. While completion of the 200MW first stage of the solar project is due in 2018, the 300MW second stage is slated for 2019 and the commissioning of the final stage for the remainder 300MW has been planned for 2020.