Dubai- ACWA Power International in Saudi Arabia has revealed that required arrangements for financial closure and signing energy purchase agreement for the fourth phase of Mohammed bin Rashid Al Maktoum Solar Complex with an estimated investment cost of USD3.8 billion are underway.

Construction of the power station, which will provide 2.4 million tons of Carbon emissions annually and will supply electricity to 568 housing units, will start in 2018.

The new project will also provide half million tons of natural gas annually, and end the need to import gas in foreign currency.

Mohammad Abunayyan, the Chairman of ACWA Power International, said that selecting Acwa Power to build a 700MW extension to the Mohammed bin Rashid Al Maktoum Solar Complex represents a pivotal moment for the solar energy sector in the region and the efforts exerted to achieve a future that relies on clean energy.

Abunayyan added on Sunday that ACWA Power International is willing to continue its support to relentless efforts and ambitious visions of the states in the region to reap the utmost benefit of renewable energy sources, especially after the company’s success in this field.

Thamer al-Sharhan, Managing Director of ACWA Power International, said that the project’s added economic value for Saudi Arabia and UAE goes in tandem with Saudi Vision 2030 that aims to expand Saudi investments abroad.

It also goes in line with the vision of Sheikh Mohammed bin Rashed to transform Dubai into an international center for clean energy and green economy through Dubai Clean Energy Strategy 2050.

The fourth phase of the solar complex will cover 3,750 hectares with mirrors that reflect the sun rays and generate electricity until sunset.