This marks the latest significant milestone for the Masdar-led consortium, with EDF Group's subsidiary, EDF Energies Nouvelles, which is developing the 800- megawatt (MW) project in partnership with Dubai Electricity and Water Authority (DEWA). A sophisticated finance structure has been developed which includes seven different institutions: from the Middle East, the Union National Bank, the Islamic Development Bank and the Arab Petroleum Investments Corporation (APICORP) ;commercial banks Natixis, from France, Siemens Financial Services, from Germany, and Korea Development Bank ;and Canada's export credit agency, Export Development Canada (EDC) .