Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Future Energy Company (Masdar), announced the financial closing of the 1800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.

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 solar park’s capacity will exceed 5,000 megawatt by 2030, with investments totalling approximately AED 50 billion. This is a new milestone in promoting the use of clean and renewable energy in the UAE.

Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park using photovoltaic solar panels based on the Independent Power Producer (IPP) model, with costs up to AED 5.5 billion.

This phase will provide clean energy for approximately 540,000 residences and will reduce around 2.36 million tonnes of carbon emissions annually. The project will cover an area of 20 square kilometres. In addition, the 6th phase has achieved the lowest Levelized Cost Of Energy (LCOE) of US$1.6215 cents per kilowatt hour (kWh) in the Solar Park.