Masdar in talks for $800m loan to fund solar project

Updated 27 June 2016
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Masdar in talks for $800m loan to fund solar project

DUBAI: A consortium led by Abu Dhabi’s Masdar is aiming to raise an $800 million loan to help fund the building of the 800-megawatt (MW) third phase of Dubai’s solar park, the company’s CEO said.
The consortium, which also includes Spanish companies Fotowatio Renewable Ventures (FRV) and Gransolar Group, was selected to complete the third phase of Sheikh Mohammed bin Rashid Al-Maktoum Solar Park, Dubai Electricity and Water Authority (DEWA) said in a statement.
The consortium is in talks with banks including National Bank of Abu Dhabi, First Gulf Bank and Union National Bank to provide project finance, said Mohamed Al-Ramahi, CEO of green energy firm Masdar, wholly owned by Abu Dhabi investment fund Mubadala.
The funding should be finalized by November or December, he said.
DEWA didn’t name the other bidders, but sources previously told Reuters that China’s Jinko Solar, France’s EDF and Saudi Arabia’s ACWA Power were among companies either bidding alone or as part of different consortia.
The Masdar-led consortium submitted the lowest generation price to build the plant at 2.99 cents per kilowatt-hour (kWh), DEWA said.
The third phase of the park will be operational by 2020, it added.
It is planned to be the largest single-site solar park in the world, producing 5,000 MW by 2030 with a total investment of 50 billion dirhams ($13.6 billion), DEWA said.
Dubai is aiming to generate 25 percent of its total power from clean energy sources by 2030.


Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

Updated 11 min 4 sec ago
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Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

  • The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy
  • The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies

Saudi Arabia’s Public Investment Fund (PIF) announced on Friday that it has signed a memorandum of understanding with China’s National Energy Administration (NAE) on renewable energy cooperation.

The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy and strengthening Saudi Arabia’s position as a leading center for the development of renewable energy projects.

The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies in the Kingdom’s renewable energy sector over the next 10 years.

This agreement reinforces PIF’s efforts to build strategic partnerships aimed at developing local infrastructure and create more jobs, encouraging private sector institutions to engage in investment and commercial partnerships in the renewable energy sector.