Dubai Solar Park Phase 5 Project is officially signed

     The Dubai Electricity and Water Authority (DEWA) has announced that it will award the fifth stage solar system cost photovoltaic project of the world's largest single-site solar park Mohammedbin RashidalMaktoum to a joint bidder composed of Saudi International Power and Water Company (ACWAPower) and Gulf Investment Company (GIC).

    It is understood that the Mohammedbin Rashidal Maktoum Solar Park has a total investment of 13.6 billion US dollars and a planned capacity of 5,000 megawatts. Among them, the fifth-phase photovoltaic project has a planned capacity of 900 MW and an investment of 570 million US dollars. It will use the latest double-sided photovoltaic panels and advanced solar tracking systems to improve power generation efficiency. After the project is put into operation, it can meet the electricity demand of 270,000 households in Dubai, and it can help reduce carbon emissions by 1.18 million tons per year.

    DEWA announced in February last year that it was bidding for the fifth phase of the photovoltaic project. The joint bidder composed of ACWAPower and GIC won the bid at a price of 1.6953 cents / kWh in November last year, becoming the lowest global electricity price for photovoltaic projects at that time. According to the power purchase agreement, DEWA will retain 60% of the shares in this phase and is the only power purchaser in the 25-year contract period. It is expected that the fifth phase will be gradually put into use from the third quarter of 2021.