Saudi-based pan-Arab development bank Apicorp announced on 4 October that it is providing $70.5mn as part of $420.2mn of project finance from “local, regional and international banks” to fund development of the 900MW Phase 5 of Dubai’s MBR Solar Park, whose total cost is estimated at $564mn. China’s Silk Road Fund led the Phase 5 funding (MEES, 29 March 2019).
Saudi private developer Acwa Power and development partner Gulf Investment Corporation (GIC) awarded the EPC contract for MBR Phase 5 to China’s Shanghai Electric in July (MEES, 4 September). (CONTINUED - 174 WORDS)