Saudi Arabia’s ACWA Power said today in a statement concerning the financial closing of the 900MW solar PV project, the fifth (5) phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
The capital cost of the PV project is around USD $564 million. It will be constructed by Shuaa Energy 3 PSC, a special purpose vehicle in which the ACWA Gulf Investment Corporation (GIC) consortium owns 40percent, while the Dubai Electricity & Water Authority (DEWA) holds 60percent.
The project involves the construction of a state of the art 900MW solar photovoltaic plant, using bi-facial panels with tracking technology.
Financing for the project has been agreed with Emirates NBD Bank, Abu Dhabi Islamic Bank, Arab Petroleum Investment Corporation, Natixis, SAMBA Financial Group, Industrial and Commercial Bank of China, Warba Bank, and Standard Chartered Bank. In addition, Commercial Bank International provided a project support mezzanine chain, while Commercial Bank of Dubai, Mashreq Bank, Emirates NBD Bank, and DEWA extended equity bridge loans.
Once the projects will be done, the solar park will sell its output at just $16.95 per MWh under a 25 years power purchase agreement (PPA).