The third phase of the of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai is getting some financial help from Export Development Canada (EDC). The Crown corp’s US$72 million (part of a larger US$655 project financing) contribution comes as a result of the solar park’s use of solar panels from Guelph ON-based Canadian Solar.
"Supporting clean technologies is a strategic priority for EDC," said Carl Burlock, senior VP of financing and international growth capital at EDC. "Canadian Solar's contribution to an international project of this size is a testament to Canada's leading expertise in the clean energy space."
The 16 square-kilometre 800 MW PV plant will generate around 2.5 million megawatt-hours of electricity per annum on completion. Unlike conventional solar power arrays, the park will use tilting panels that track the sun, thereby maximising output.
The Solar Park will be the largest single-site solar park in the world. By 2030, it is expected to displace an estimated 6.5 million tonnes of carbon dioxide each year.
“As Dubai diversifies its energy portfolio, our partnership will serve as an excellent example for future utility-scale solar projects in the region, and we are eager to contribute further to the energy market growth in the Middle East,” said Shawn Qu, chair of the board and CEO at Canadian Solar.
EDC’s participation in the financing is an example of an eligible project for EDC's Green Bond program, the government organization noted. In June 2017, EDC issued its third US$500 million Green Bond, with previous bonds of $300 million in January 2014 and $300 million in December 2015, each receiving strong support from the green bond investor community.
"Green Bonds and transactions such as this one are examples of EDC's contribution to international climate change objectives, and our alignment with broader industry trends towards a climate-resilient future," added Burlock.