The Dubai Electricity and Water Authority (DEWA) and UAE state-owned renewable power company Masdar have announced financial close on the 1.8GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with costs up to AED5.5 billion (US$1.5 billion).
The project’s lending group includes several international banks such as Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC and Standard Chartered Bank.
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DEWA is implementing the sixth phase of the solar park in cooperation with Masdar, Abu Dhabi Future Energy Company based on an independent power producer (IPP) model. Meanwhile, the sixth phase of the project has achieved the lowest levelised cost of energy (LCOE) of US$0.016 per kWh in the solar park.
The park is already the largest single-site solar farm in the world by capacity and uses bifacial solar modules with single-axis trackers. The capacity will exceed 5GW by 2030.
Earlier this year, Indian conglomerate Larsen & Toubro was contracted to build a 1.8GWac solar PV project as part of Dubai’s Mohammed bin Rashid Al Maktoum Solar Park. The renewables arm of Larsen & Toubro’s Power Transmission & Distribution business was chosen as the turnkey engineering, procurement and construction (EPC) contractor. The scope of work will include building the solar PV project, the interconnection of two gas-insulated substations, and the installation of high-voltage underground cables and medium-voltage power distribution networks.
Currently, the solar park’s production capacity has reached 2,627MW, with 2,033MW under construction.
In August 2023, DEWA selected Masdar as the preferred bidder to build and operate the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is expected to cost AED50 billion. Both companies established a joint venture, Shuaa Energy 4, which is 60% owned by DEWA, while Masdar owns the remaining 40%. The fifth phase of the project came online in June 2023, bringing its total capacity up to 2.4GW.
The solar park will align with Dubai’s goal to provide 100% of total power capacity from clean energy sources by 2050.
