Masdar Bags DEWA Project

DEWA selects Abu Dhabi Future Energy Company PJSC –Masdar as the preferred bidder for 1,800MW Solar PV IPP Project. The projects at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, are of great interest to international developers and reaffirms investor confidence in the significant projects supported by the Government of Dubai…reports Asian Lite News

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority PJSC (DEWA), has announced that the Abu Dhabi Future Energy Company PJSC –Masdar is the Preferred Bidder to build and operate the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park for using photovoltaic (PV) solar panels based on the Independent Power Producer (IPP) model, costing up to AED 5.51 billion.

Masdar is a UAE-government owned renewable energy company. It was founded in 2006 as a subsidiary of the UAE state-owned Mubadala Investment Company, and has developed and invested in renewable energy projects in 40 countries.

DEWA has achieved, through this phase VI, the lowest Levelised Cost Of Energy (LCOE) of USD 1.6215 cents per kilowatt hour (kWh) for any of DEWA’s Solar IPP Projects so far. DEWA has received 23 expressions of interest from international applicants to develop this project. Subsequently, the Request for Qualification (RFQ) was released to market on 15th November 2022.

“We are striving to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into a global hub for clean energy and green economy. We also support the Dubai Clean Energy Strategy 2050, and Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. To achieve this, DEWA launched several leading renewable projects, including the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Using the Independent Power Producer (IPP) model, it will have a capacity of 5,000MW by 2030 with investments totaling AED 50 billion,” said HE Saeed Mohammed Al Tayer.

 “DEWA is committed to completing the phases of the Mohammed bin Rashid Al Maktoum Solar Park according to the highest international standards using the latest solar power technologies to enhance the shift towards a green sustainable economy by increasing the share of clean and renewable energy. When completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually. The 1,800MW 6th phase of the solar park using PV solar panels based on the IPP model will become operational in stages starting from Q4 of 2024. The project documents, Power Purchase Agreement (PPA), and financial close agreements will be signed in due course. The total capacity of the solar energy projects commissioned at the solar park has reached 2,427MW. The share of clean energy in Dubai’s energy mix is about 16.3% of its total installed capacity. This percentage will reach 24% in 2026 with the completion of the Sixth Phase and the remaining phases under construction of the solar park,” added Al Tayer.

The projects at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, are of great interest to international developers and reaffirms investor confidence in the significant projects supported by the Government of Dubai.

DEWA has attracted huge investments to the UAE from the private sector and foreign banks, leading to increased cash flow to the economy of Dubai and the UAE. The Current total production capacity of solar projects at the solar park is 2,427MW. DEWA is building another project with a total capacity of 433 MW. The 1,800MW 6th phase of the solar park will increase the total production capacity to 4,660MW.

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