PROJECTS: Dubai ruler inaugurates 300-megawatt solar power project

Project is part of Phase 5 of the Mohammed bin Rashid Solar Park

  
His Highness Sheikh Mohammed bin Rashid Al Maktoum, inaugurates 300MW first stage of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. Image courtesy Sheikh Mohammed bin Rashid Al Maktoum’s official Twitter handle.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, inaugurates 300MW first stage of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. Image courtesy Sheikh Mohammed bin Rashid Al Maktoum’s official Twitter handle.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai inaugurated 300-megawatt (MW) solar plant in Dubai on Tuesday.
 
The Dubai ruler tweeted that the new phase, located in the Mohammed bin Rashid Solar Park, would be able to power 90,000 homes.
 
He said that the solar park [through its Independent Power Producer (IPP) model] has attracted 40 billion dirhams ($10.8 billion) of investments from the private sector, which reflects high confidence in the emirate's economic future. He added that Dubai will generate 13 percent of its power from clean energy sources before the end of the year.
 
Dubai Electricity and Water Authority had announced that in May 2021 that the 300 MW solar photovoltaic (PV) first stage of Phase 5 of the solar park would be commissioned in the third quarter.
 
The 900 MW Phase 5 is being developed by consortium of ACWA Power and Gulf Investment Corporation at an investment of $570 million, according to project information posted on ACWA Power's website.
 
The project will produce electricity at a levelised cost of $0.017 (or 1.6953 cents) per kWh using bifacial PV solar panels, which captures sunlight on both sides of the panel to produces energy, with advanced solar tracking system to increase generation efficiency.
 
SDC Deal Number: 4345774158
 
(Writing by Anoop Menon; Editing by Seban Scaria)
 
(anoop.menon@refinitiv.com)
 
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© ZAWYA 2021


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