ACWA Power completes financing agreements for MBR Solar Park

ACWA Power completes financing agreements for MBR Solar Park

UAE - Mubasher: Saudi Arabia's ACWA Power has completed all financing agreements of the 900MW fifth phase of Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the Emirates News Agency (WAM) reported.

The Dubai Electricity and Water Authority (DEWA) owns 60% of Shuaa Energy 3 project, the fifth phase of the solar park, while the remaining stake is held by the ACWA-Gulf Investment Corporation (GIC) consortium.

With one of the world's lowest costs of electricity at $1.6953 cents per kWh, the project includes the construction of the 900MW solar PV plant by using bi-facial panels with tracking technology of a total value of $564 million

The project is funded by limited recourse project financing with the senior debt granted by a number of international, regional,