EDC provides $72M financing for massive solar park in Dubai
…and Cenovus Energy gets $6.5 million to help fulfill ferry export contracts.
OTTAWA — Export Development Canada (EDC) is providing US$72 million in financing as part of a $655 million facility for Phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
The project, which will become the most powerful solar power plant in the world, consists of the development, construction and operation of an 800-megawatt solar photovoltaic power plant.
EDC’s financing is based on the sale of solar panels from Canadian Solar, a Guelph, Ont.-based clean technology company.
The 16 square-kilometre plant will use tilting panels to track the sun and generate around 2.5 million megawatt-hours of electricity annually.
By 2030, the solar park is expected to displace an estimated 6.5 million tonnes of carbon dioxide each year.
EDC is also providing Corvus Energy Inc. with $6.5 million in financing to help fulfil export contracts, but primarily for hybrid ferries in Europe.
Corvus Energy, based in Richmond, BC, manufactures energy storage (ESS) and lithium-ion battery products for hybrid and electric marine applications.
The financing will allow Corvus Energy to fulfill various export contracts, primarily for hybrid ferries in Europe.
“The electrification of the maritime industry in Europe is accelerating and the award-winning Orca ESS from Corvus Energy is facilitating that transition,” says Andrew Morden, president and CEO of Corvus Energy.
In April, Corvus Energy was awarded a 10-year long-term service and maintenance agreement for the entire Scandlines hybrid ferry fleet. The German ferry operator runs lines between Germany, Denmark and Sweden.