Dewa, Masdar securing funding for sixth phase of MBR: Dubai Electricity and Water Authority (Dewa) and UAE’s state owned renewables giant Masdar have reached financial close on the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum (MBR) Solar Park, according to a statement. The sixth phase will see the total production output increase to 4.66 GW by 2026 — up from the previously reported 4.2 GW — the statement added.

The project: Dewa established a JV with Masdar for the plant — dubbed Shuaa Energy 4 — with the former holding 60% of the company, allocating some AED 5.5 bn to establish PV panels under an independent power producer (IPP) model. The project — which will be constructed by India’s Larsen & Toubro’s (L&T) construction arm — is expected to kick off operations in phases between 4Q 2024 and 2026. It’s expected to provide clean energy for approximately 540k households and offset about 2.36 mn tons of carbon emissions annually.

REFRESHER- Dewa tapped Masdar as the preferred bidder for the project back in August, and the developer is to allocate some AED 5.5 bn (c. USD 1.5 bn) toward establishing PV panels across the 20 sq km project under a Independent Power Producer (IPP) model. The sixth phase will provide clean energy for approximately 540k households and is expected to offset about 2.36 mn tons of carbon emissions annually.

Who’s throwing their hats in the ring? The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, and Warba Bank.

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