Dubai achieves world-record, lowest ever PV tariff for 900 MW solar project – Saudi Gazette

Dubai achieves world-record, lowest ever PV tariff for 900 MW solar project – Saudi Gazette

In line with its strategy to support Dubai in its forward-thinking ambitions of becoming a low-carbon sustainable economy, the Mohammed Bin Rashid Solar Park will be the largest single-site solar park in the world based on the Independent Power Producer (IPP) model when completed with a planned production capacity of 5,000 MW, with investments valued at USD 13.6 billion.. At DEWA, we are guided by the vision and directives of Sheikh Mohammed to make Dubai a global hub for clean energy and green economy.. The 200MW photovoltaic second phase of the solar park, developed by ACWA Power, was launched in March 2017.. The solar park's photovoltaic third phase has a capacity of 800MW.. The solar park will be a key pillar in fulfilling Dubai Clean Energy Strategy 2050 to increase the share of clean energy in Dubai's total power output to 75% by 2050.. DEWA announced the tender for the project in February 2019, upon which ACWA Power submitted the lowest bid in November 2019 at $1.6953 cents/kwh.DEWA will retain a 60% stake in this latest solar project and be the sole off-taker of power under a 25-year PPA..