Saudi-based ACWA Power signs financing agreements for MBR Solar Park

Saudi-based ACWA Power signs financing agreements for MBR Solar Park

DUBAI - ACWA Power, a Saudi Arabian developer, investor and operator of power generation and desalinated water plants, completed the signing of all financing agreements of the 900MW solar PV project, Shuaa Energy 3 PSC, which is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.Shuaa Energy 3 PSC is the special purpose vehicle incorporated for the project, with 60 percent ownership by the Dubai Electricity and Water Authority, DEWA, and the balance split between ACWA Power and Gulf Investment Corporation, GIC, an ACWA Power press release said on Thursday.The project involves the construction of a 900MW solar PV plant, using bi-facial panels with tracking technology at a capital cost of $564 million, and has been the focus of significant international interest, having demonstrated one