Saudi Arabia’s ACWA Power announced in statement regarding the financial closure of the 900MW solar PV project, the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
The project involves the construction of a state of the art 900MW solar PV plant, using bi-facial panels with tracking technology.
The approximate project cost will be $564 million.
The financing for the project is based on the principles of limited recourse project financing with the senior debt provided by a number of international, regional and local banks along with a project recourse mezzanine tranche committed by a regional bank, structured as a 27-year soft mini perm financing with both conventional and Islamic tranches.
In addition, the financing structure featured a set of equity bridge loans provided by local banks and also by DEWA.
The financing group to the Project included Abu Dhabi Islamic Bank, Arab Petroleum Investment Corporation, Industrial and Commercial Bank of China, Emirates NBD Bank, Natixis, SAMBA Financial Group, Standard Chartered Bank and Warba Bank.
Additionally, a project recourse mezzanine tranche was provided by Commercial Bank International and equity bridge facilities provided by Commercial Bank of Dubai, Emirates NBD Bank and Mashreq bank.
Shuaa Energy 3 PSC is the special purpose vehicle incorporated for the project, with 60 percent ownership by the Dubai Electricity & Water Authority (DEWA) and the balance split between ACWA Power and Gulf Investment Corporation (GIC).
Earlier, during October 2019, ACWA Power led consortium submitted the lowest levelised cost of electricity in the world of USD cents 1.6953 per kWh.(read more).
The Power Purchase agreement was signed by DEWA during April 2020 (read more)
China based construction firm, Shanghai Electric is the Engineering, Procurement and Construction (EPC) contractor of the project. (read more)
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