Dewa, ACWA Power, Silk Road Fund reach financial closing on 4th phase of Dubai solar park
This phase of the project will integrate 700MW of CSP; 600MW from a parabolic basin complex and 100MW from a solar tower; and 250MW from photovoltaic solar panels
Dubai Electricity and Water Authority (Dewa) and the consortium led by Saudi Arabia’s ACWA Power and Silk Road Fund, which is owned by the Chinese Government, announced the financial closing of the 950-megawatt 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 megawatts by 2030 with investments totalling AED 50 billion.
The announcement was made by Saeed Mohammad Al Tayer, MD & CEO of Dewa, and Mohammad Abdullah Abunayyan, Chairman of ACWA Power, at a press conference.
In his speech at the conference, Al Tayer noted that this achievement supports Dewa’s efforts to increase the share of renewable and clean energy in Dubai and strengthen the UAE’s position as a leading global hub for clean energy and green economy. Their vision anticipates the future and recognises the importance of renewable energy in achieving a balance between development and the environment.
“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 Dh15.78 billion," said Al Tayer.
"It will use 700MW of CSP; 600MW from a parabolic basin complex and 100MW from a solar tower; and 250MW from photovoltaic solar panels. This phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions annually. The project, which will cover an area of 44 square kilometres, achieved several world records," he added.
"These include the world’s lowest CSP Levelised Cost of Electricity of $7.3 cents per kilowatt-hour and the lowest Levelised Cost of Electricity for photovoltaic technology of $2.4 per kilowatt-hour. The project will feature the tallest solar tower in the world at 260 metres and the largest thermal storage capacity of 15 hours; allowing for energy availability round the clock,” said Al Tayer.