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FINANCIAL NEWS
Masdar secures USD615m in finances
07 Mar 2011
(MENAFN) Eight foreign banks and two Emeriti banks confirmed giving the green energy firm Masdar a total of USD615 million for financing its plans for constructing the world’s largest concentrated solar power (CSP) plant, reported Arabian Business.
In addition, Masdar received USD153m equity from its Spanish and French partners, who hold a 20 percent stake in the project.
The banks stated that payments would be returned over the course of the coming 22 years.
It is worth noting that Abu Dhabi is looking forward to the launch of this project as it plans to secure seven percent of its energy from renewable sources by 2020.
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