UAE, Dubai: The Dubai Electricity and Water Authority (DEWA) and the consortium led by Saudi Arabia’s ACWA Power and Silk Road Fund, have announced the financial closing of the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.
The solar park will produce 5,000 MW by 2030 with investments totalling $14 B (AED 50 B), according to a company statement.
The announcement was made by HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, and Mohammad Abdullah Abunayyan, Chairman of ACWA Power.
“DEWA is implementing the fourth phase of the solar park in cooperation with Saudi Arabia’s ACWA Power and China’s Silk Road Fund. This phase is the largest single-site investment project in the world. It uses both Concentrated Solar Power (CSP) and photovoltaic solar technologies based on the Independent Power Producer (IPP) model with investments up to $4.3 B (AED 15.78 billion). It will use 700 MW of CSP; 600 MW from a parabolic basin complex and 100 MW from a solar tower; and 250 MW from photovoltaic solar panels.
He added: “The solar power projects currently operational in the solar park have a capacity of 413 MW. DEWA currently has 3 more projects under implementation with a capacity of 1,550 MW. We recently announced the 900 MW 5th phase using photovoltaic solar panels, bringing the total capacity of the five phases announced so far to 2,863 MW. We are on our way to reaching 5,000 MW by 2030 and achieving the objectives of the Dubai Clean Energy Strategy 2050 to produce 75% of Dubai's total power output from clean energy and make Dubai the city with the lowest carbon footprint in the world by 2050."
Source: ESI Africa