Project developers from around the world are getting ready to make final bids for perhaps the most anticipated solar power auction of the year.
Chinese solar panel manufacturer JinkoSolar has teamed up with German utility RWE to bid for the third phase of United Arab Emirates’ (UAE) Mohammed bin Rashid Al Maktoum Solar Park. The new phase of the iconic solar power park will see an addition of 800 MW capacity. Once the third phase capacity is commissioned the solar power park will cross 1 GW in installed capacity.
Both, JinkoSolar and RWE successfully submitted the pre-qualifying bid and are now preparing to submit a final joint bid by end of March.
The first phase of the solar park involved the installation of 13 MW worth of capacity, and through the second phase tender, 200 MW capacity was auctioned to Saudi Arabia’s ACWA Power at record-low average tariff of 5.84¢/kWh.
The initial installed capacity target for the solar power park was set at 1 GW by 2019. However, last year the Dubai Electricity & Water Authority announced that it would boost the park’s capacity to 3 GW by 2030 with a total estimated investment of $3 billion.
The solar power park is central to DEWA’s target to source 7% of Dubai’s total power output from renewable energy sources by 2020, and 15% by 2030.