Masdar has been awarded a contract build and operate the 1800MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park by Dubai Electricity and Water Authority PJSC (DEWA).
This phase costs AED5.51bn (€1.4bn) and all stages of the Dubai project are expected to be completed by 2030, with a total investment of AED50bn.
Masdar was selected from 23 international bidders and offered a Levelised Cost of Energy (LCOE) of US$1.6215 cents per kWh, the lowest of any of DEWA’s solar Independent Power Producer (IPP) model developments to date, the developer said.
The current total production capacity of solar projects at the park is 2427MW.
DEWA is building another site with a total capacity of 433MW.
The 1800MW sixth phase of the solar park will increase total production capacity to 4660MW.
Masdar chairman 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.”