The project’s capital cost is US$ 564mn
ACWA Power, the Saudi Arabian developer, investor and operator of power generation and desalinated water plants, completed the signing of all financing agreements of the 900MW solar PV project, Shuaa Energy 3 PSC, which is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
The project involves the construction of a advanced 900MW solar PV plant, using bi-facial panels with tracking technology at a capital cost of US$ 564mn, and has been the focus of significant international interest, having demonstrated one of the lowest levelised cost of electricity in the world of US$ cents 1.6953 per kWh.
The financing for the project is based on the principles of limited recourse project financing with the senior debt provided by a number of international, regional and local banks along with a project recourse mezzanine tranche committed by a regional bank.
“Securing this amount of long tenor project financing for Shuaa Energy 3 PSC even as COVID 19 pandemic continues to cause social and economic disruption to the entire world illustrates the combined capabilities and trusted partnership between ACWA Power and DEWA,” confirmed Paddy Padmanathan, President & CEO, ACWA Power.
The EPC agreement for the construction of the project was signed with Shanghai Electric in July 2020.
