Shuaa Energy 1 PSC, ownership and developer for the second phase of the Mohammad bin Rashid Solar Park in Dubai, announced today that it has crossed the 50 percent threshold for construction of the project.   More than 900 manpower are currently working on site across a surface area of 4.4 km2  to deliver the project in a record 12-month timeframe. The project achieved Financial Close back in 2015 with a consortium led by ACWA Power and have TSK as the EPC Contractor and DEWA as the Offtaker and major shareholder. The project will supply Dubai with 200 MW of solar power.

Shuaa Energy will install over 2.3 million solar panels enough capacity to power 30,000 homes in the Dubai. It will also become the citys first project to be delivered under the Independent Power Project (IPP) model, forming a part of what will be the worlds largest solar complex. The entire park is expected to deliver over 5,000 MW of solar power once complete.

The Mohammed bin Rashid Solar Park was announced in January 2012, in line with the vision of vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote renewable energy sources in the country. It also forms a part of the Dubai Clean Energy Strategy 2050, which aims to make Dubai a global centre of clean energy and green economy. Under the strategy guidelines, the emirate aims to provide seven percent of Dubais energy from clean energy sources by 2020, increasing this target to 25 per cent by 2030 and 75 per cent by 2050.

Commenting on the announcement, HE Saeed Mohammed Al Tayer, Managing Director & CEO of DEWA, said: The second phase of the Mohammed bin Rashid Solar Park, inaugurated last year by his HH Sheikh Mohammed bin Rashid Al Maktoum, represents a new era for our economy and one that is dependent on sustainability and renewable energy. Our goal is to help this city achieve its vision of having the smallest carbon footprint in the world by 2050 in line with HH Shaikh Mohammad Bin Rashid Al Maktoums Clean Energy Strategy, which requires that we lead the way in providing alternatives to traditional energy sources, contributing to the growth in the countrys renewable energy sector.

Abdulhameed AlMuhaidib, CEO of Shuaa Energy, has commented on this achievement: Work on the project is on track to be completed by the second quarter of 2017, with over 1 million PV panels installed to date. Once compete, we expect that this phase will reduce carbon emissions in the emirate by 470,000 metric tonnes/year. Were proud to announce 670,000 safe-man-hour  to date with more than 50% of the construction progress being completed..

In recognition of its success, the company has received a number of awards for its work on the project, including the IJ Global and Power-GEN Asia awards for Solar Project of the Deal, as well as the Bonds Loans & Sukuk Middle East Awards Best Project Finance Deal of the Year and MESIA Utility Scale Solar Project of the Year.

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About ACWA Power:
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 11 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Powers portfolio, with an investment value in excess of USD 32 billion, can generate 23+ GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.

ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).

ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost while seeking to maximize local content and local employment creation, thereby contributing to the social and economic development of the communities and countries it invests in and serves.

ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business.

For more information, visit www.acwapower.com, or contact:
Jon Barber
Director Communications & External Affairs
T + 971 (0)4 509 1052
M + 971 56 507 5710
F + 971 (0)4 385 9625 
acwapower.com
22nd Floor, Nassima Tower 
Sheikh Zayed Road 
P.O. Box 30582, Dubai 
United Arab Emirates

Press Release 2016