This is your 1 News posts out of 3 that you are entitled to as a guest.

Please sign up for one of our PREMIUM SUBSCRIPTIONS to continue your access to Global Energy Infrastructure.

Mohammed bin Rashid Al Maktoum Solar Park Phase 5

10/6/2020

On 4 October 2020, the Arab Petroleum Investments Corporation (APICORP), multilateral development financial institution, signed an agreement with Shuaa Energy 3 P.S.C sponsored by Dubai Electricity and Water Authority (“DEWA”), ACWA Power and Gulf Investment Corporation, to provide US$70.5 million in financing for the fifth phase of development of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, United Arab Emirates (UAE). This concludes the financing required for the $564 million project. Other project backers are Abu Dhabi Islamic Bank, Industrial and Commercial Bank of China, Emirates NBD Bank, Natixis, SAMBA Financial Group, Standard Chartered Bank and Warba Bank.

According to Global Energy Infrastructure, the fifth phase, in development in the desert near Seih Al-Dahal, Dubai, UAE will have a capacity of 900-MegaWatt (MW) and is scheduled to be commissioned in stages in 2021. The announcement by APICORP will allow construction to begin moving the project one step closer to adding to the Dubai Clean Energy Strategy 2050. The Dubai Clean Energy Strategy 2050 is an initiative which aims to provide 7% of Dubai’s total power output from clean energy by 2020. This target will increase to 25% by 2030 and 75% by 2050. Dubai is the only city in the region to have launched such a promising strategy, with set goals and timelines that map the future of energy until 2050. The country has the UAE Energy Strategy 2050, which aims to increase the share of renewable energy in the total energy mix from 25% to 50% by 2050.