Dewa and Masdar secure funding for sixth phase of solar park

Dewa and Masdar secure funding for sixth phase of solar park

Dubai Electricity and Water Authority (Dewa) and Abu Dhabi’s renewables energy major, Masdar, have achieved the financial closing of the 1,800-megawatt (MW) sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The funding has been jointly provided by Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered […]Dubai Electricity and Water Authority (Dewa) and Abu Dhabi’s renewables energy major, Masdar, have achieved the financial closing of the 1,800-megawatt (MW) sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park.

The funding has been jointly provided by Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, and Warba Bank, the UAE state-run Wam news agency reported.

Masdar was selected as the preferred bidder to build and operate the sixth phase of the solar park using photovoltaic solar panels based on the independent power producer model at the cost of AED5.5 billion ($1.50 billion).

This phase will provide clean energy for 540,000 residences and reduce around 2.4 million tonnes of carbon emissions annually. The project will cover an area of 20 sq km.

In addition, the sixth phase has achieved the lowest levelised cost of energy