[PRNewswire] Mohammed bin Rashid witnesses agreement between Masdar and DEWA

-- Agreement Includes 6th phase of world's largest single-site solar park PV Project

- UAE's clean energy powerhouse Masdar awarded sixth phase of Mohammed bin Rashid Al Maktoum Solar Park PV Project in Dubai featuring a cost of up to AED5.51 billion

- The 1,800MW sixth phase will increase solar park's total production capacity to 4,660MW

- Ahead of UAE hosting COP28, this ambitious programme demonstrates country's firm commitment to decarbonisation at home and abroad

- Sixth phase of the project, set to be operational in stages starting from Q4 of 2024, will power over half a million residences while reducing carbon emissions by 2.36 million tonnes annually

- All phases of the landmark project are expected to be completed by 2030, with a total investment of AED50 billion

- When fully completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually

ABU DHABI, UAE September 6, 2023 /PRNewswire=연합뉴스/ -- Government of Dubai Media Office: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, witnessed the signing of an agreement between the Dubai Electricity and Water Authority PJSC (DEWA) and Masdar, Abu Dhabi Future Energy Company PJSC, to build and operate the 1,800 megawatt (MW) sixth phase of the landmark Mohammed bin Rashid Al Maktoum Solar Park, featuring a cost of up to AED5.51 billion.

The agreement was signed in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE and Minister of the Presidential Court; His Highness Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs; and His Excellency Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs.

HH Sheikh Mohammed bin Rashid said: "Today, I witnessed with Mansour bin Zayed the signing of an agreement between the Dubai Electricity and Water Authority (DEWA) and Masdar, Abu Dhabi Future Energy Company, to implement the sixth phase of the world's largest single-site solar park, at a cost of AED5.5 billion. This phase will power over half a million residences while reducing carbon emissions by 2.36 million tonnes annually. All phases of this landmark project are expected to be completed by 2030, with a total investment of AED50 billion. We're on track to achieve our ambitious goal - 100% clean energy for Dubai by 2050."

His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, and His Excellency Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA signed the agreement in Abu Dhabi.

The UAE's clean energy powerhouse was selected from 23 high-calibre international bidders and offered a Levelised Cost of Energy (LCOE) of USD1.6215 cents per kilowatt hour (kWh), the lowest of any of DEWA's solar Independent Power Producer (IPP) model projects to date. The current total production capacity of solar projects at the solar park is 2,427MW. DEWA is building another project with a total capacity of 433 MW. The 1,800MW sixth phase of the solar park will increase total production capacity to 4,660MW.

His Excellency Dr. Sultan Al Jaber said: "Being awarded this landmark renewable energy project on the world's largest single-site solar park is another significant milestone for Masdar. It is a testament to Masdar's track record in pioneering clean energy projects as we continue to support the UAE's Net Zero by 2050 strategic initiative. Ahead of our nation hosting COP28 later this year, it is vital that the world triples global renewable energy capacity by 2030 to keep the ambition of 1.5 degrees within reach. This landmark project demonstrates definitive action in our shared journey towards a cleaner, greener future."

His Excellency Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "In line with the vision and directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we are committed to achieving a balance between development and environmental sustainability across social, economic and environmental plans. This underscores the UAE's prominent status as one of the world's largest investors in clean and renewable energy projects. It also affirms our support for the UAE's hosting of the COP28 at Expo City Dubai, aligning our strategies and policies with the UN Sustainable Development Goals 2030 in sustainability, innovation and future-making."

Al Tayer added: "Dubai is a pioneer in launching programmes, projects and initiatives that promote sustainability, a green economy and preserving natural resources for future generations. Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the 1,800MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park for using photovoltaic solar panels based on the Independent Power Producer (IPP) model, costing up to AED5.51 billion.

When completed, this phase will provide clean energy to approximately 540,000 residences and reduce 2.36 million tonnes of carbon emissions annually. Through phase VI, DEWA has achieved the lowest Levelised Cost OF Energy (LCOE) of USD1.6215 cents per kilowatt hour (kWh). At DEWA, we have a proven track record of clean and renewable energy, emission reduction, and attracting competitive global prices for clean and renewable energy projects. We enhance sustainability in all our projects and initiatives to achieve the goals of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy to provide 100% of Dubai's total power capacity from clean energy sources by 2050."

Mohammed Jameel Al Ramahi, Masdar CEO, said; "Following our successful delivery of phase three of the Mohammed bin Rashid Al Maktoum Solar Park as part of an international consortium, this latest award once again shows that Masdar is a global leader in clean energy as we move forwards from 20GW capacity today to reach 100GW of clean energy capacity by 2030 driving decarbonisation at home and abroad." When fully completed, the solar park will reduce over 6.5 million tonnes of carbon emissions annually. The 1,800MW sixth phase will become operational in stages starting from Q4 of 2024.

Masdar, the UAE's clean energy powerhouse established in 2006, is committed to achieving at least 100 GW of total renewable energy capacity by 2030. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW.

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Source: Masdar

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