Connect with us

Hi, what are you looking for?

CleanTechnica
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.

Clean Power

ACWA Power Announces Financial Closure For 950 Megawatt Dubai Solar Project

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.

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.

 

Advertisement
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

Advertisement

Advertisement

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Clean Transport

Indian EV manufacturer EMotorad just rolled out its new electric mini scooter, the ENER-G, to a new market. The electric scooter will be available...

Batteries

The Dubai Electricity and Water Authority (DEWA) announced the inauguration of a pilot project for energy storage at the Mohammed bin Rashid Al Maktoum...

Bicycles

EMotorad (EM), an Indian premium e-bike manufacturer, has announced the launch of e-bikes in the United Arab Emirates (UAE). The company stated that it’s...

Autonomous Vehicles

I’ve spent a lot of time in the UAE, and I’ve long said it would be one of the first places to implement robotaxis...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.