Saudi firm Acwa Power on 3 September secured finance for the 900MW fifth phase of the MBR Solar Park in Dubai. The Shuaa Energy-3 project JV is 60% owned by Dubai utility Dewa, with the remaining 40% held by a consortium of Acwa and the GCC-owned Gulf Investment Corporation.
Capital cost is estimated at $564mn, with project financing being provided by “a number of international, regional and local banks” and equity bridge loans provided “local banks and also by Dewa.” Shuaa Energy-3 awarded the EPC contract to China’s Shanghai Electric in July. (CONTINUED - 282 WORDS)
