DEWA achieves financial close for solar project
Dubai utility and partners to begin construction of 200MW next phase of project.
DEWA has achieved financial close for the next phase of its Mohammed bin Rashid Al Maktoum Solar Park.
The 200MW photovoltaic plant is being developed with Saudi Arabia’s ACWA Power and will be based on the Independent Power Producer (IPP) model and be operational by April 2017.
DEWA holds a 51% stake in the project company Shuaa Energy 1 while a joint venture of ACWA Power and Spanish construction firm TSK owns the remaining 49%.
"Today, DEWA adds another milestone in history at the Mohammed bin Rashid Al Maktoum Solar Park, which is one of the largest renewable energy projects in the region,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.
“The project, which occupies 4.5 square kilometres, will help to achieve a reduction of approximate 400,000 tonnes of carbon emissions by 2020, which supports the green initiatives and programmes implemented by the Government of Dubai to reduce carbon emissions. This project will increase the size of solar energy projects in Dubai to 220 MW.”
ACWA Power confirmed last week that it had contracted First Solar to supply PV modules for the project.