Dubai Electricity and Water Authority (Dewa) has reached financial close for the second phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is expected to be operational in two years.
“The [second phase of the photovoltaic park], which occupies 4.5 square kilometres, will help to achieve a reduction of approximately 400,000 tonnes of carbon emissions by 2020,” said Mohammed Al Tayer, the managing director and chief executive of Dewa.
The plant is based on an independent power producer (IPP) model, meaning that private companies will generate the electricity and sell it to Dewa.
More than 2.3 million solar PV panels will be installed during this phase, producing enough energy to power up to 30,000 homes. In January, a consortium comprising Saudi Arabia's Acwa Power and the Spanish industrial group TSK won the bid for the 200MW second phase unit after offering the world's lowest tariff of 5.84 US cents.
A project company, Shuaa Energy 1, has been formed to complete the phase.
Dewa is the majority shareholder at 51 per cent with Acwa and TSK taking the remaining stake.
Dewa is also gearing up to award a contract for the consultancy stage of the next phase in the solar park.
Waleed Salman, the executive vice president of business development at Dewa, said last month that eight companies had been shortlisted, and Dewa was in the final stages of evaluation. The winning consultant will determine if the next tender will be one lump sum or separated into sections, such as two 200MW and one 300MW contract.
The project will eventually total 3,000 megawatts once complete in 2030.
lgraves@thenational.ae
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Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
