The Dubai Electricity and Water Authority (DEWA) and Masdar, Abu Dhabi Future Energy Company, signed an agreement to build and operate the $1.5 billion 1,800 megawatt (MW) sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park on Thursday.
This will increase the solar park’s total production capacity to 4,660MW and will become operational by Q4 of 2024. The current total production capacity at the solar park is 2,427MW and DEWA is building another project with a total capacity of 433 MW.
H H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, H H Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE and Minister of the Presidential Court, H H Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, H H Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, H E Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, were among those present on the occasion.
Speaking on the occasion, HH Sheikh Mohammed bin Rashid said that the sixth phase will power over half a million residences while reducing carbon emissions by 2.36 million tonnes annually.
“All phases of this landmark project are expected to be completed by 2030, with a total investment of $40.84 billion and we are on track to achieve our ambitious goal – 100% clean energy for Dubai by 2050,” he said.
Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, and Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA signed the agreement in Abu Dhabi.
Masdar was selected from 23 international bidders and offered a Levelised Cost of Energy (LCOE) of USD1.6215 cents per kilowatt hour (kWh), the lowest of any of DEWA’s solar Independent Power Producer (IPP) model projects so far.
Dr Sultan Al Jaber said that being awarded this landmark renewable energy project on the world’s largest single-site solar park is another significant milestone for Masdar. It is a testament to Masdar’s track record in pioneering clean energy projects as Masdar continues to support the UAE’s Net Zero by 2050 strategic initiative.
“Ahead of our nation hosting COP28 later this year, it is vital that the world triples global renewable energy capacity by 2030 to keep the ambition of 1.5 degrees within reach. This landmark project demonstrates definitive action in our shared journey towards a cleaner, greener future,” he said.
Saeed Mohammed Al Tayer said that DEWA is committed to achieving a balance between development and environmental sustainability across social, economic, and environmental plans and underscored the UAE’s prominent status as one of the world’s largest investors in clean and renewable energy projects.
“It also affirms our support for the UAE’s hosting of the COP28 at Expo City Dubai, aligning our strategies and policies with the UN Sustainable Development Goals 2030 in sustainability, innovation and future-making,” he said.
He said that DEWA has a proven track record of clean and renewable energy, emission reduction, and attracting competitive global prices for clean and renewable energy projects. It enhances sustainability in all our projects and initiatives to achieve the goals of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.
Mohammed Jameel Al Ramahi, Masdar CEO, said that the latest award once again showed that Masdar is a global leader in clean energy as we move forwards from 20GW capacity today to reach 100GW of clean energy capacity by 2030 driving decarbonisation at home and abroad.