PHOTO
Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai inaugurated 300-megawatt (MW) solar plant in Dubai on Tuesday.
The Dubai ruler tweeted that the new phase, located in the Mohammed bin Rashid Solar Park, would be able to power 90,000 homes.
He said that the solar park [through its Independent Power Producer (IPP) model] has attracted 40 billion dirhams ($10.8 billion) of investments from the private sector, which reflects high confidence in the emirate's economic future. He added that Dubai will generate 13 percent of its power from clean energy sources before the end of the year.
Dubai Electricity and Water Authority had announced that in May 2021 that the 300 MW solar photovoltaic (PV) first stage of Phase 5 of the solar park would be commissioned in the third quarter.
The 900 MW Phase 5 is being developed by consortium of ACWA Power and Gulf Investment Corporation at an investment of $570 million, according to project information posted on ACWA Power's website.
The project will produce electricity at a levelised cost of $0.017 (or 1.6953 cents) per kWh using bifacial PV solar panels, which captures sunlight on both sides of the panel to produces energy, with advanced solar tracking system to increase generation efficiency.
SDC Deal Number: 4345774158
(Writing by Anoop Menon; Editing by Seban Scaria)
This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
