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ACWA secures financing for 900 MW phase V of Dubai solar project (UAE)

ACWA Power has signed all financing agreements of the 900MW solar PV project, called Shuaa Energy 3 PSC, which is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Shuaa Energy 3 PSC is the special purpose vehicle incorporated for the project between the Dubai Electricity & Water Authority (DEWA)(60%), ACWA Power (20%) and Gulf Investment Corporation (GIC) (20%). The project will use bi-facial panels with tracking technology at a capital cost of US$564m. In July 2020, ACWA Power signed an Engineering, Procurement and Construction (EPC) contract with Shanghai Electric for the project. The project’s power generation will be sold to the DEWA under a 25-year Power Purchase Agreement (PPA) signed in April 2020. In August 2020, Shanghai Electric selected JinkoSolar to supply solar modules.

The Mohammed bin Rashid Al Maktoum solar project combines PV and CSP with investments of up to AED 50bn (US$13.6bn). The project is expected to have a capacity of 5 GW by 2030. The 13 MW first phase became operational in 2013, using photovoltaic solar panels. The second phase (200 MW of solar PV) was commissioned in March 2017. The third phase of 800 MW is being commissioned in three stages: the first 200 MW stage was commissioned in 2018, the second 300 MW stage in 2019 and the third 300 MW stage is under construction and expected by-end 2020. The fourth phase will include 250 MW of solar PV, 600 MW from a parabolic basin complex, and 100 MW from a solar power tower.

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