The Dubai Electricity and Water Authority (DEWA) and a consortium led by Saudi Arabia’s ACWA Power and the Chinese-government owned Silk Road Fund have completed financing of the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, it was announced on Sunday.
The solar park is eventually expected to produce 5,000 megawatts by 2030, with investments totalling AED 50 billion ($13.61 billion).
“This phase is the largest single site investment project in the world,” said Saeed Mohammed Al Tayer, managing director and CEO of DEWA. “[It] will provide clean energy for 320,000 residences and reduce 1.6 million tonnes of carbon emissions annually.”
The lending group for the project also includes a number of Chinese banks as well as Commercial Bank of Dubai, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank and Union National Bank.
“Financing the fourth phase of the solar park is the largest equity bridge loans in the region, in cooperation with a number of leading local and international banks,” he said. “This reflects the confidence of financial institutions in the major projected adopted by the government of Dubai, especially in light of the regulatory framework that stimulates innovation and attracts investments.”
The companies did not disclose the value of the deal on Sunday.
Previously, Reuters had reported that the financing would be worth $2 billion.
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