Dewa signs power purchase agreement for fifth phase of solar park – The National

Dewa signs power purchase agreement for fifth phase of solar park – The National

Dubai Electricity and Water Authority signed a 25-year power purchase agreement with Saudi Arabia's Acwa Power for the fifth phase of the Mohammed bin Rashid Al Maktoum solar park.. The 900 megawatt phase will be commissioned in stages starting from the third quarter of 2021, according to the utility.. Acwa Power submitted the lowest bid of 1.69 US cents for the fifth phase of the Sheikh Mohammed bin Rashid Solar Park in November.. Dubai aims to generate 25 per cent of its energy requirements from renewable sources by 2030 and 75 per cent by 2050 as part of its clean energy drive.. The Mohammed bin Rashid Solar Park is expected to generate 5,000MW of electricity by 2030 and is estimated to drive up to Dh50 billion in investments.. The fifth phase of the project is being implemented through the Shuaa Energy 3 company in which Dewa holds a 60 per cent stake, with the remainder held by a consortium including Acwa Power and Gulf Investment Corporation.. The solar park's operational capacity has reached 1,013MW from solar photovoltaic panels.. The UAE has ramped up efforts to increase its renewable energy capacity at a time of record low oil prices.. Emirates Water