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Press release
14 June 2017 |
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800MW third phase
of Mohammed bin Rashid Al Maktoum Solar Park reaches financial
close
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Sophisticated finance structure
backed by seven institutions includes Islamic
investment
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Innovative project set to be
the largest solar power plant in the world on completion, thanks to
tilting solar panels that track the sun
Abu Dhabi, United
Arab Emirates, June 14th, 2017 - The financing for Phase 3 of
the Mohammed bin Rashid Al Maktoum Solar Park in Dubai has been
completed. This marks the latest significant milestone for the
Masdar-led consortium, with EDF Group's subsidiary, EDF Energies
Nouvelles, which is developing the 800-megawatt (MW) project in
partnership with Dubai Electricity and Water Authority (DEWA).
A sophisticated finance structure
has been developed which includes seven different institutions:
from the Middle East, the Union National Bank, the Islamic
Development Bank and the Arab Petroleum Investments Corporation
(APICORP); commercial banks Natixis, from France, Siemens Financial
Services, from Germany, and Korea Development Bank; and Canada's
export credit agency, Export Development Canada (EDC).
Following the agreement, the third
phase of the Mohammed bin Rashid Al Maktoum Solar Park becomes the
largest renewable energy project in the Middle East to receive
Sharia-compliant financing, which is one of the fastest-growing
segments of the global financial market.
"DEWA has adopted
the Independent Power Producer (IPP) model to build the 800MW third
phase of the Mohammed bin Rashid Al Maktoum Solar Park. It has
generated international interest from global business and energy
companies, which reflects the trust and interest from international
investors in large projects adopted by Dubai Government. This has
been supported by the favourable existing regulatory and
legislative frameworks in Dubai that enable public-private
partnerships. The project has also set a global benchmark in solar
tariffs at a price of 2.99 US cents per kilowatt-hour, a
world-record-low tariff for solar power generation. The third phase
will be operational by 2020," said HE Saeed
Mohammed Al Tayer, MD & CEO of DEWA.
"The Mohammed bin
Rashid Al Maktoum Solar Park is the largest single-site solar park
in the world based on the IPP model, and is instrumental to the
Dubai Clean Energy Strategy 2050. The solar park's production
capacity will reach 5,000MW by 2030 with investments totalling AED
50 billion. It will eventually save over 6.5 million tonnes of
carbon emissions every year, supporting Dubai's objectives to
promote its sustainable goals," added Al
Tayer.
"The financing of
the third phase of the Mohammed bin Rashid Al Maktoum Solar Park
clearly demonstrates the confidence which the multinational lender
community has in this important project, and underlines the
compelling business case for renewable energy today. The
involvement of Islamic investment in the project financing is
especially pleasing, and will pave the way for further
Sharia-compliant investment in the clean energy" said Mohamed Jameel Al Ramahi, Chief Executive Officer of
Masdar, Abu Dhabi Future Energy Company.
: "Construction
of the third phase of the Dubai Solar Park is progressing as
scheduled thanks to the close involvement of DEWA and the
collaborative efforts of all shareholders. This project is a model
for successful public-private renewable energy partnerships, which
not only contributes to the UAE's strategic objectives, but also
sets an example globally," added Al Ramahi.
EDF Group, via its subsidiary EDF
Energies Nouvelles, a market leader in renewable energy
electricity, recently joined Masdar as a co-partner to support the
project.
"The completion of this sophisticated financing represents
a major milestone in the implementation of the third phase of the
Mohammed bin Rashid Al Maktoum Solar Park in Dubaï. This project is
a perfect illustration of EDF Group's CAP 2030 strategic
ambition for renewable energy. The commitment from international
financial institutions alongside Middle-Eastern financial
institutions has been instrumental to the delivery of this
important project, in partnership with Masdar and DEWA,"
said Antoine Cahuzac, EDF Group's Senior
Executive Vice President, Renewable Energies and CEO of EDF
Energies Nouvelles.
The 16 square-kilometre 800 MW
photovoltaic plant will be the largest of its kind in the world on
completion, generating around 2.5 million megawatt-hours of
electricity per annum on completion. Unlike conventional solar
power arrays, the third phase of the solar park will use tilting
panels that track the sun, thereby maximising output.
The plant is being delivered in
three stages. Considerable progress is being made on site, with
drilling and piling works underway for the placement of
photovoltaic panels. Completion of Stage A is due in 2018, the
300MW Stage B in 2019, and the final 300 MW Stage C in 2020.
About Masdar
Masdar is Abu Dhabi's renewable energy company which works to
advance the development, commercialisation and deployment of clean
energy technologies and solutions. The company serves as a link
between today's fossil fuel economy and the energy economy of the
future. Wholly owned by the Mubadala Development Company PJSC, the
strategic investment company of the Government of Abu Dhabi, Masdar
is dedicated to the United Arab Emirates' long-term vision for the
future of energy and water.
About EDF
Group
A key player in energy transition, the EDF Group is an integrated
electricity company, active in all areas of the business:
generation, transmission, distribution, energy supply and trading,
energy services. A global leader in low-carbon energies, the Group
has developed a diversified generation mix based on nuclear power,
hydropower, new renewable energies and thermal energy. The Group is
involved in supplying energy and services to approximately 37.1
million customers, of which 26.2 million in France. The Group
generated consolidated sales of €71 billion in 2016. EDF is listed
on the Paris Stock Exchange.
About EDF
Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy
electricity, with a portfolio of more than 9,5 GW gross installed
capacity focused for the most part on wind (onshore and offshore)
and solar photovoltaic energy. Mostly operating in Europe and North
America, EDF Energies Nouvelles continues its development by taking
strong positions in promising emerging areas such as Brazil, Chile,
China, India or South Africa. The Company is also present in other
segments of the renewable energy market: marine energy, distributed
energies and energy storage. EDF Energies Nouvelles manages
renewable energy projects' development and construction as well as
operation and maintenance for its own account and for third
parties. EDF Energies Nouvelles is a subsidiary of the EDF Group
dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com and follow us on
https://www.linkedin.com/company/edf-energies-nouvelles and on
Twitter @EDFEN_officiel
Contacts:
Masdar
E-mail: press@masdar.ae
Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014
For more information please visit:
http://www.masdar.ae and connect: facebook.com/masdar.ae and
twitter.com/masdar
Please, only print this document if absolutely
necessary.
EDF SA
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75382 Paris cedex 08
EDF SA share capital € 1 370 938 843,50 euros
552 081 317 R.C.S. Paris
www.edf.com |
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CONTACTS
Press: +331 40 42 46 37 - EDF EN: +331 40 90 48
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Analysts and Investors: +331 40 42 40 38 |
PR 800MW SOLAR PARK
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information contained therein.
Source: EDF via Globenewswire