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ACWA Power wins 900-MW Dubai solar project with USD-16.95/MWh bid

The Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Source: Government of Dubai Media Office.

November 22 (Renewables Now) - The Dubai Electricity and Water Authority (DEWA) has picked a consortium led by Saudi Arabia’s ACWA Power as preferred bidder to build and operate a 900-MW solar power plant in Dubai.

ACWA Power and Gulf Investment Corporation have won the tender for the fifth phase of the 5,000-MW Mohammed bin Rashid Al Maktoum Solar Park with a record-low bid of USD 0.016953 (EUR 0.0153) per kWh, or USD 16.95 per MWh. DEWA said it got 60 Requests for Qualifications (RFQ) after launching the tender in February 2019.

“The project documents, Power Purchase Agreement (PPA), and financial close agreements will be signed in due course,” commented Mohammed Al Tayer, managing director and CEO of DEWA.

While this latest phase of the project will use photovoltaics (PV), the larger complex will also include a concentrated solar power (CSP) component.

The new 900-MW portion will increase the complex’s total capacity to 2,863 MW, as 713 MW are already operational and DEWA is building a further 1,250 MW as part of three separate projects.

The entire solar power complex is expected to be built by 2030 at a total cost of AED 50 billion (USD 13.6bn/EUR 12.3bn). The fifth phase alone is seen to become operational in stages, starting in the second quarter of 2021.

(USD 1.0 = EUR 0.904)

(AED 10 = USD 0.272/EUR 0.246)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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