Dubai Electricity reach financial closing for fourth phase of solar park

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Dubai Electricity and Water Authority (DEWA) and the consortium led by Saudi Arabia’s ACWA Power and Silk Road Fund (SRF) has achieved financial close for the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park).

With investments totalling AED50bn ($13.6bn) MBR Solar Park is reported to be the largest single-site solar park in the world, with a capacity to generate 5,000MW of clean energy by 2030.

This phase is the largest single-site investment project in the world.

The project has been financially backed by many lending groups including the Bank of China, the Commercial Bank of Dubai and Standard Chartered Bank.

An excerpt from Power Technology