Apicorp takes part in funding 900-MW solar project in Dubai
The Mohammed bin Rashid Al Maktoum Solar Park. Image by: DEWA (www.dewa.gov.ae).
The Arab Petroleum Investments Corporation (Apicorp) will provide USD 70.5 million (EUR 60.1m) in funding for the fifth 900-MW phase of the Mohammed bin Rashid Al Maktoum solar project in Dubai.
Apicorp, a multilateral development financial institution, said on Tuesday it has signed an agreement on the matter with Shuaa Energy 3 PSC. The latter is a special-purpose vehicle that was set up to develop the project and is 60%-owned by the Dubai Electricity and Water Authority (DEWA). ACWA Power and Gulf Investment Corporation (GIC) own 24% and 16%, respectively.
The fresh funding is part of a larger finance facility of USD 420.2 million extended by local and international lenders. It will go to support the development, construction, ownership, operation and maintenance of a 900-MW photovoltaic (PV) park. The total capital cost for the project is estimated at USD 564 million. Financial close was achieved at the start of September.
The solar farm, to be equipped with bi-facial panels by China’s JinkoSolar and Nextracker solar tracking technology, will sell its output at just USD 0.017 per kWh under a 25-year power purchase agreement (PPA) with DEWA. Once built, it will be the largest single-site solar park in the world.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.