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Abu Dhabi / Emirates Business
The financing for Phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai has been completed. This marks the latest significant milestone for the Masdar-led consortium, with EDF Group’s subsidiary, EDF Energies Nouvelles, which is developing the 800 MW project in partnership with Dubai Electricity and Water Authority (DEWA).
A sophisticated financing structure has been developed which includes seven different institutions: from the Middle East, the Union National Bank, the Islamic Development Bank and the Arab Petroleum Investments Corporation (APICORP); commercial banks Natixis, from France, Siemens Financial Services, from Germany, and Korea Development Bank; and Canada’s export credit agency, Export Development Canada (EDC).
Following the agreement, the third phase of the Mohammed bin Rashid Al Maktoum Solar Park becomes the largest renewable energy project in the Middle East to receive Sharia-compliant financing, which is one of the fastest-growing segments of the global financial market. “DEWA has adopted the Independent Power Producer (IPP) model to build the 800MW third phase of the
Mohammed bin Rashid Al Maktoum Solar Park,†said HE Saeed Mohammed Al Tayer,
MD & CEO of DEWA.