Dubai: $4bn Solar Finance

Dubai electricity and water utility Dewa has announced financial close for the 950MW fourth phase of the MBR Solar Park, under construction 50km south of Dubai city. Dewa estimates the cost of the project at AD15.8bn ($4.3bn) and that for the whole 5GW park – due for completion in 2030 – at AED50bn ($13.6bn). Phase-4 is scheduled to begin commercial operations in 2021. It will be the first in the park to incorporate Concentrated Solar Power (CSP) technology, which is much more expensive to build than the solar photovoltaic (PV) deployed in earlier phases, but more reliable for baseload electricity supply as it incorporates storage. (CONTINUED - 187 WORDS)