UAE’s state-owned utility service provider Dubai Electricity and Water Authority (DEWA) has won the ‘2020 Middle East and Africa Renewables Deal of the Year’ from Project Finance International (PFI) magazine for its photovoltaic fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park.
Saeed Mohammed Al Tayer the managing director and chief executive of DEWA received the award from PFI magazine, a subsidiary of Thomson Reuters that focuses on tracking and analyzing projects, financial budgets and deals worldwide. The event also witnessed by the Executive Vice President of Business Development and Excellence of DEWA, Waleed Salman and the project team.
The Mohammed bin Rashid Al Maktoum Solar Park’s fifth phase of 900MW is based on the Independent Power Producer (IPP) model which marks a quality addition to the successful clean and renewable energy projects using the best technologies across the world.
“The fifth phase will be implemented by Shuaa Energy 3, established by DEWA and the consortium led by ACWA Power and Gulf Investment Corporation. DEWA received the lowest global bid of 1.6953 US cents per kilowatt-hour for this project, which will use the latest solar photovoltaic bifacial technologies, with Single Axis Tracking to increase energy production.”
The Mohammed bin Rashid Al Maktoum Solar Park is one of the key pillars of the Dubai Clean Energy Strategy 2050 which intends to provide 75 percent of Dubai’s total power capacity from clean energy sources by the next fifty years. The facility is the largest single-site solar park in the world with an estimated production capacity of about 5,000 megawatts by 2030.
The fifth phase of the solar park will provide clean energy to 270,000 residences in Dubai and it is projected to cut about 1.18 million tonnes of carbon emissions annually. The project is due for commissioning in stages starting the third quarter of 2021.
The PFI Awards are one of the industry’s most outstanding annual accolades. The magazine honor individuals, organizations and projects with the best achievements and financial transactions across the globe annually.