The Emirate of Dubai will become home to the most powerful solar power plant in the world upon completion of the third Phase of the Mohammed bin Rashid Al Maktoum Solar Park (Solar Park). This comes after Export Development Canada (EDC) announced a USD 72 million in financing within the larger USD 655 million senior project finance banking facilities for the third Phase of the 16 square-kilometre 800 MW PV plant.
“We are proud to be partnering with Masdar/DEWA/EDF on this outstanding project,” says Dr. Shawn Qu, Chairman and CEO, Canadian Solar. He explained that, “On the financing side, we are very pleased to have EDC’s commitment and continuous support for our global growth. As Dubai diversifies its energy portfolio, our partnership will serve as an excellent example for future utility-scale solar projects in the region, and we are eager to contribute further to the energy market growth in the Middle East.”
The Solar Park will be the largest single-site solar park in the world. By 2030, it is expected to displace an estimated 6.5 million tonnes of carbon dioxide each year.
Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development
The 16 square-kilometre 800 MW PV plant will generate around 2.5 million megawatt-hours of electricity per annum on completion. Unlike conventional solar power arrays, the park will use tilting panels that track the sun, thereby maximising output.
“Supporting clean technologies is a strategic priority for EDC,” said Carl Burlock, Senior Vice President, Financing and International Growth Capital, EDC. “Canadian Solar’s contribution to an international project of this size is a testament to Canada’s leading expertise in the clean energy space.”
This is an example of an eligible project for EDC’s Green Bond program. In June 2017, EDC issued its third USD 500M Green Bond, with previous bonds of 300M in January 2014 and 300M in December 2015, each receiving strong support from the green bond investor community.
“Green Bonds and transactions such as this one are examples of EDC’s contribution to international climate change objectives, and our alignment with broader industry trends towards a climate-resilient future,” added Burlock.