ACWA Power inaugurates part of 900-MW solar plant in Dubai
Shuaa Energy 3 PSC partial inauguration. Image by (www.acwapower.com)
Saudi Arabia’s ACWA Power has inaugurated a 300-MW portion of the 900-MW fifth phase of the Mohammed bin Rashid Al Maktoum solar project in Dubai.
Shuaa Energy 3 PSC is the special-purpose vehicle that was set up for this project. It is 60%-owned by the Dubai Electricity and Water Authority (DEWA) and 40% by ACWA Power and Gulf Investment Corporation (GIC).
The USD-570-million (EUR 486.4m) fifth phase of the solar complex was awarded to an ACWA Power-led consortium for a world record low tariff of USD 0.016953 per kWh. When fully operational, Shuaa Energy 3 PSC should be able to meet the power demand of 270,000 residential units and offset 1.18 million tonnes of carbon dioxide emissions annually. Commissioning is expected to happen in phases later this year.
At present, ACWA is also working on the 950-MW Noor Energy 1 fourth phase of the Mohammed bin Rashid Al Maktoum project, which combines concentrated solar power (CSP) and photovoltaic (PV). The whole giant solar complex is planned to reach 5 GW.