UAE - Mubasher: The Arab Petroleum Investments Corporation (APICORP) has inked an agreement with Shuaa Energy 3 to finance the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai with $70.5 million.
Shuaa Energy 3 is owned by Dubai Electricity and Water Authority (DEWA), ACWA Power, and Gulf Investment Corporation, according to a press release on Sunday.
APICORP's fund is part of a project finance facility worth $420.2 million granted by a number of local, regional, and international banks to develop, construct, operate, and maintain the 900MW state-of-the-art solar photovoltaic (PV) plant valued at $564 million.
The plant will generate the world's lowest levelised cost of electricity at just under $0.017 per kWh by using bi-facial panels.
The fifth phase of the solar park is expected to power 270,000 homes and reduce 1.18 million tonnes of CO2 emissions annually.
Over the past four years, APICORP has committed around $450 million of capital towards renewable projects in the MENA region.
The CEO of APICORP, Ahmed Ali Attiga, said: "APICORP continues to be a leading player in the advancement of the MENA renewables sector, as part of the global transition towards sustainable low-carbon energy sources."
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