Dubai Electricity and Water Authority (DEWA) was awarded the 900MW photovoltaic fifth phase of the Mohammed Bin Rashid Al Maktoum Solar Park with the successful Bid Submission on the Oct. 9, 2019.
The consortium is led by ACWA Power, a leading international developer and operator of power and water desalination projects in partnership with Gulf Investment Corporation (GIC), a GCC premier principal investor and co-developer in the Gulf. The winning tariff of $1.6953 cents/kWh establishes a new global benchmark for solar energy.
The 900 MW 5th phase with an investment of $570 million, will bring the production capacity of the Mohammed Bin Rashid Al Maktoum Solar Park to 2,863 MW. This fifth phase alone is expected to power 270,000 homes and offset carbon emissions amounting to 1.18 million tons per year in Dubai. The progress of this project during COVID-19 pandemic is a testament to DEWA’s unwavering commitment in meeting the energy demands of Dubai with increasing share of renewable energy. The company has reconfirmed the confidence of the financial markets on the ability of DEWA and ACWA Power and shown its capacity to successfully complete the project and reliably dispatch green electricity for the 25year duration of the contract. The Mohammed Bin Rashid Solar Park will be the largest single-site solar park in the world in line with forward-thinking ambitions of becoming a low-carbon sustainable economy. It is based on the Independent Power Producer (IPP) model when completed with a planned production capacity of 5,000 MW, with investments valued at USD 13.6 billion. When completed, the solar park will save over 6.5 million tons of carbon emissions annually. The project will utilize the latest bifacial photovoltaic solar panels, which captures sunlight on both sides of the panel and produces energy with an advanced solar tracking system to increase generation efficiency. Through this project, the UAE has proved that it has always been proactive and ready for all changes and conditions. The vision and directives of Sheikh Mohammed to make Dubai a global hub for clean energy and green economy guide them. The delivery of the project reinforces the durability and competitiveness of Dubai’s economic landscape under the wise leadership of Sheikh Mohammed Bin Rashid Al Maktoum; which continues its steady and pioneering plans despite Covid19, and reconfirms the confidence and attractiveness of the investment environment that Dubai spearheads internationally. It will also promote economic and social development by bringing additional power capacity on stream in a timely fashion. GIC is a leading investor in power and water projects and intends to continue to play a major role in utilities projects in the Gulf. This solar park will be a key pillar in fulfilling Dubai Clean Energy Strategy 2050 to increase the share of clean energy in Dubai’s total power output to 75% by 2050.
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