Masdar conglomerate finalizes the funding for the third phase of Dubai solar farm

15/06/2017 09:30 Solar

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A group managed by Abu Dhabi's renewable energy firm Masdar has accomplished the financing for the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, it declared on Wednesday.

The project of 800 megawatts (MW) was funded by Union National Bank, the Islamic Development Bank, Arab Petroleum Investments Corporation, Natixis, Siemens Financial Services, Korea Development Bank and export credit agency Export Development Canada. The statement did not reveal the size of the loan.


The Masdar conglomerate comprises EDF Energies Nouvelles, a division of France's EDF Group. The group is expanding the solar project in collaboration with Dubai Electricity and Water Authority (DEWA).


Dubai's solar farms will attain a capacity of 5,000 MW by 2030. The third phase of the project will be functional by 2020, as stated by Saeed Mohammed Al Tayer, chief executive of DEWA.

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