Financial close achieved for 1.8 GW Solar project in UAE

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Financial close achieved for 1.8 GW Solar project in UAE

Dubai Electricity and Water Authority (DEWA) and Masdar announced the financial closing of the 1800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park located in Dubai, UAE.

The solar park will provide clean energy for approximately 540,000 residences and will reduce around 2.36 million tonnes of carbon emissions annually. Spread over 20 sq km, the solar photovoltaic (PV) power plant will become operational in three phases. 

Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the sixth phase of the solar plant. The PV project has achieved the lowest Levelized Cost Of Energy (LCOE) of US$1.6215 cents per kilowatt hour (kWh) and is expected to exceed 5,000 MW by 2030, with investments totaling approximately AED5.5 billion (US$1.49 billion).

The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank and Warba Bank.

List of country news

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  • January 31, 2024

    EPC contract awarded for 1.8 GW Solar PV project in UAE

    Masdar has awarded Larsen & Toubro (L&T) an Engineering, Procurement and Construction (EPC) contract for the development of 1,800MW Phase 6 of Mohammed bin Rashid Al Maktoum Solar Park in Dubai, UAE.

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  • November 21, 2023

    Masdar inaugurated 2 GW Solar PV Project in UAE

    Masdar has inaugurated a 2 GW Al Dhafra single-site solar PV project in Abu Dhabi, UAE.

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  • August 17, 2023

    Preferred bidder selected for 1.8 GW Solar PV project in UAE

    Masdar is selected as the preferred bidder to build and operate the 1,800 MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

     

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  • June 19, 2023

    900 MW 5th phase of Solar Park launched in UAE

    DEWA has inaugurated the 900 MW fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Seih Al-Dahal, south of Dubai, UAE.

     

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  • May 10, 2023

    Bids received for Waste-to-Energy Project in UAE

    The Emirates Water and Electricity Company (EWEC) and Abu Dhabi Waste Management Company (Tadweer) have secured two separate bids for the development of a greenfield Abu Dhabi Waste-to-Energy (WtE) independent power project (IPP).

     

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