No - they are able to undercut as they have access to hugely cheap loans, which the others do not, so the bid come in close to the actual hardware and running costs, not that figure plus the loan repayments.

Quote:

One can suspect that Masdar had access to long-term financing through the wealthy emirate of Abu Dhabi that no commercial banks, the primary source of capital for the other bidders, could match in cost.

From: http://www.apricum-group.com/dubai-shatters-records-cost-sol...