The Masdar-led consortium developing the 800MW third phase of the Mohammed bin Rashid Al Maktoum solar farm in Dubai has completed financing for the project.
The funding was provided by seven institutions. They are the Union National Bank, the Islamic Development Bank, Arab Petroleum Investments Corp, Natixis, Siemens Financial Services, Korea Development Bank and Canada’s export credit agency Export Development Canada.
The 16 square-km facility will be built in three stages, with the 200MW phase A under construction and scheduled for completion by April next year.
The 300MW stage B in scheduled for completion in 2019, with the final 300MW expected to come online in 2020.
The solar park will use tilting panels that track the sun to maximise output, the developers said.
EDF Energies Nouvelles and Dubai Electricity and Water Authority are part of the consortium developing the project.
Image: Pixabay
