Dubai Electricity and Water Authority (DEWA) in a statement announced the preferred bidder to build and operate the 900MW 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park for using photovoltaic (PV) solar panels based on the Independent Power Producer (IPP) model.
A consortium led by ACWA Power and Gulf Investment Corporation will be the DEWA’s Preferred bidder.
Earlier during October 2019, DEWA has achieved a world record by receiving the lowest bid of USD 1.6953 cents per kilowatt hour (kW/h).
DEWA has released the tender for the 5th phase in February 2019, and received 60 Requests for Qualifications (RFQ).
“The 900MW 5th phase of the solar park using PV solar panels based on the IPP model will become operational in stages starting Q2 of 2021. The project documents, Power Purchase Agreement (PPA), and financial close agreements will be signed in due course,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
The projects at the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, are of great interest to international developers and reaffirms investor confidence in the major projects that are supported by the Government of Dubai.
DEWA has attracted huge investments to the UAE from the private sector and foreign banks, leading to increased cash flow to the economy of Dubai and the UAE.
The Current total production capacity of solar projects at the solar park is 713MW. DEWA is building three other projects with a total capacity of 1,250MW.
The 900MW 5th phase of the solar park will increase the production capacity to 2,863MW
DEWA will sign a power purchase agreement (PPA) for a period of 25-year power with successful bidder.
According to the project specifications, the winning bidder will own 40% of the company operating the project, while DEWA will hold the remaining 60%.
Read Also: Dubai receives world’s lowest bid for 900MW Fifth phase of MBR Solar Park
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