Masdar reaches financial close for a 1.8 GW solar park in Dubai with US$0.016/kWh bid

 

  • DEWA and Masdar have announced financial close for a 1.8 GW phase of the Mohammed bin Rashid Al Maktoum Solar Park – the largest single-site solar project in the world.

Masdar was selected to build and operate the sixth phase of the site from a shortlist last year. The project has achieved the lowest LCOE at the solar park to date, at $0.016/kWh, which was submitted by Masdar during the tender.

The latest phase is expected to cost up to AED 5.5 billion ($1.5 billion). The lending group to the project includes 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 continues to demonstrate leadership in delivering cutting edge clean energy solutions which have attracted the interest and confidence of the investment community, locally and internationally,” said Masdar CEO Mohamed Jameel Al-Ramahi. “Accessing capital is fundamental to accelerating the global energy transition and this expansion of the Mohammed bin Rashid Al Maktoum Solar Park is an important milestone for the UAE in its own clean energy journey.”

The solar park features bifacial solar modules with single-axis trackers. Its current production capacity stands at 2,627 MW, with a further 2,033 MW now under construction. 

The sixth phase will see production capacity increase to 4.66 GW by 2026. The solar park’s capacity is expected to exceed 5 GW by 2030, with investments totalling approximately AED 50 billion.

Masdar said the project is in line with the Dubai Net Zero Carbon Emissions Strategy 2050, which sets the target of providing 100% of Dubai’s total power capacity from clean energy sources by 2050.

Author: Patrick Jowett

This article was originally published in pv magazine and is republished with permission.

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