Dubai Electricity and Water Authority (DEWA) and Saudi Arabia’s ACWA Power announced the financial closing of the 950 megawatt concentrated solar power project in Dubai.
This solar project is a part of the fourth phase development of the Mohammed Bin Rashid Al Maktoum Solar Park, Dubai, UAE. With investments totaling AED 50 billion (US$13.6 billion), it will be the largest single-site solar park in the world when commissioned. The announcement of the financial closure come just days after DEWA announced plans to auction 900 megawatts of solar PV capacity at the same solar park.
ACWA Power, a power generation company based in Saudi Arabia, is developing the project in partnership with Shanghai Electric Group Company (SEGC), the Industrial and Commercial Bank of China (ICBC), and Abengoa, a Spanish company.
The project called Noor Energy 1 consists of both concentrated solar power (CSP) and photovoltaic (PV) plants. The project encompasses the world’s tallest 260-meter-high solar tower that will generate 100 MW, three 200 MW parabolic trough CSP stations, and photovoltaic plant of 250 MW capacity.
Noor Energy 1 will be equipped with energy storage capacity for 15 hours and will be capable of delivering power 24 hours a day. ACWA Power is the lead developer of the project while ICBC acts as an international lender. Shanghai Electric is in charge of the engineering, procurement and construction (EPC) works while Abengoa is one of the major technology providers for the project.
The consortium was awarded the concentrated solar thermal phase of the project at a record tariff of 7.3¢/kWh while the subsequent award of the 250 megawatt solar PV capacity was made at 2.4¢/kWh. ACWA Power has already commissioned the second phase of the solar power park with a capacity of 200 megawatts.
The project will be fully operational by 2020. It will contribute to the Dubai’s ambitious clean energy strategy which aims to achieve 75% of the Dubai’s power generation from renewable energy sources by 2050.
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