Dewa, Masdar secure AED 5.5 bn for sixth phase of UAE’s Al Maktoum solar park:Dubai’s Electricity and Water and 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 Solar Park in Dubai, 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.

Where the money will come from: 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.

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.

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