Dubai Electricity and Water Authority (DEWA) selected a consortium to build and operate the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park).

The consortium is led by ACWA Power and Gulf Investment Corporation. The project is the 900MW 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park based on the Independent Power Producer (IPP) model, the Dubai  Media Office tweeted.

DEWA has achieved a world record by receiving the lowest bid of $1.6953 cents per kilowatt hour (kW/h) for this phase, tendered in February, and received 60 requests for qualifications (RFQ).

“Upon completion, the solar park will reduce at least 6.5 million tonnes of carbon dioxide emissions annually and provide thousands of jobs in clean energy and green economy,” Saeed Mohammed Al Tayer, MD & CEO at DEWA told Zawya earlier in November.

(Reporting by Gerard Aoun; editing by Seban Scaria)


Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2019