DEWA reaches financial closing on 4th phase of 950MW Dubai Solar Park

DEWA aims to produce 75% of total power in Dubai from clean energy and achieve the record of making Dubai city with lowest carbon footprint in the world by 2050. Dubai Electricity and Water Authority (DEWA) in cooperation with Saudi Arabia’s ACWA Power and China’s Silk Road Fund have announced financial closing of 950 MW fourth phase of Mohammed bin Rashid Al Maktoum Solar Park – the largest single-site solar park in the world. As per a press release by DEWA, by year 2030, the park will produce 5,000 MW with an investment of around AED 50 billion. This is a new achievement in promoting the use of clean and renewable energy. DEWA aims to produce 75% of total power in Dubai from clean energy and achieve the record of making the city with lowest carbon footprint in the world by 2050. Saeed Mohammed Al Tayer, MD and CEO, DEWA, reportedly noted that DEWA, in cooperation with China’s Silk Road Fund and Saudi Arabia’s ACWA Power, is implementing the fourth phase of solar park. This phase will reduce carbon emission by 1.6 tons annually and will supply clean energy for 320,000 residences, he further added. Press conference was attended by many officials from Saudi Arabia, UAE and China including Tan Li, Consul General, Republic of China in Dubai, Paddy Padmanathan, President & CEO of ACWA Power, Erik Rovina, Commercial Counselor to Spanish Embassy in the UAE, Abdul Hamid Al Muhaidib, Executive Managing Director of Noor Energy 1, Waleed Salman, Executive Vice President of Business Development and Excellence at DEWA. The project will cover 44 square kilometers of area and will feature world’s tallest solar tower of 260 meters and largest thermal storage capacity of 15 hours which will make energy available round the clock. DEWA has loaned from various banking firms for this project, including Industrial and Commercial Bank of Dubai, Natixis, Standard Chartered Bank, Agricultural Bank of China, China Minsheng Bank, Commercial Bank International, China Everbright Bank, Bank of China, Union National Bank, Emirates NBD bank, Mashreq bank.