The Dubai Electricity and Water Authority has signed with the consortium led by Aqua Power and the Gulf Investment Corporation, a 25-year power purchase agreement for the fifth phase of the Mohammed Bin Rashid Al Maktoum Solar Park, with a capacity of 900 MW with solar PV technology according to the independent product system.
The fifth stage will be operated in phases, starting in the third quarter of 2021.
In November 2019, the Dubai Electricity and Water Authority announced the selection of the consortium led by Aqua Power and the Gulf Investment Corporation as the best bidder for the implementation of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park complex.
Dubai Electricity and Water Authority obtained the lowest global competitive price of 1.6953 US cents per kilowatt hour for this stage, as the authority received 60 qualification requests from international developers to implement the project.
Dubai Electricity and Water Authority established “Shuaa Energy-3” company, to implement the project, and it owns 60% of its shares, in partnership with the coalition led by Aqua Power and the Gulf Investment Corporation, which owns 40% of the remaining shares of the company.
The project will use the latest technologies of two-sided photovoltaic solar panels, which allow the use of reflected sunlight on both front and back, with a uniaxial solar tracking system to increase energy productivity.
The Mohammed bin Rashid Al Maktoum Solar Park is the largest strategic project for renewable energy generation in one location in the world, according to the independent product system, to reach 5,000 megawatts by 2030, and with investments amounting to 50 billion dirhams, as it will contribute through its projects to accelerate the shift towards adoption And the use of solar energy.
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