A consortium led by Abu Dhabi’s renewable energy company Masdar has completed the financing for the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, it said in a statement on Wednesday.
The 800 megawatt (MW) project was financed by Union National Bank, the Islamic Development Bank, Arab Petroleum Investments Corporation, Natixis, Siemens Financial Services, Korea Development Bank and export credit agency Export Development Canada. The statement did not disclose the size of the loan.
The Masdar consortium includes EDF Energies Nouvelles, a subsidiary of France’s EDF Group. The consortium is developing the solar project in partnership with Dubai Electricity and Water Authority (DEWA).
Dubai’s solar park will reach a capacity of 5,000 MW by 2030. The third phase of the project will be operational by 2020, said Saeed Mohammed Al Tayer, chief executive of DEWA. (Reporting by Davide Barbuscia; editing by David Clarke).