EDC issues Dubai Solar Park financing for contract with Canadian Solar

By Marisa Wong

Morgantown, W.Va., June 22 – Export Development Canada announced $72 million of financing for Phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. EDC’s financing is within the solar park’s $655 million of senior project finance banking facilities.

The solar park is expected to be the most powerful solar power plant in the world upon completion, according to a press release from EDC. The project consists of the development, construction and operation of an 800MW solar photovoltaic power project located within the solar park.

EDC said its financing is predicated on the sale of solar panels from Canadian Solar, a Guelph, Ont.-based clean technology company.

EDC said the solar park is an example of an eligible project for its Green Bond program.

Ottawa-based Export Development Canada is a Canadian government-owned export credit agency.

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