Sheikh Mohammed bin Rashid said, "This phase will power over half a million residences while reducing carbon emissions by 2.36 million tons annually. All phases of this landmark project are expected to be completed by 2030, with a total investment of AED50 billion. We're on track to achieve our ambitious goal - 100% clean energy for Dubai by 2050."
Dr. Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, and Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA signed the agreement in Abu Dhabi.
The UAE's clean energy powerhouse was selected from 23 international bidders and offered a Levelized Cost of Energy (LCOE) of USD1.6215 cents per kilowatt hour, the lowest of any of DEWA's solar Independent Power Producer model projects to date.
The current total production capacity of solar projects at the solar park is 2,427MW. DEWA is building another project with a total capacity of 433 MW. The 1,800MW sixth phase of the solar park will increase total production capacity to 4,660MW.
Dr. 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."
Mohammed Jameel Al Ramahi, Masdar CEO, said, "Following our successful delivery of phase three of the Mohammed bin Rashid Al Maktoum Solar Park as part of an international consortium, this latest award once again shows that Masdar is a global leader in clean energy as we move forwards from 20GW capacity today to reach 100GW of clean energy capacity by 2030 driving decarbonisation at home and abroad."
When fully completed, the solar park will reduce over 6.5 million tons of carbon emissions annually. The 1,800MW sixth phase will become operational in stages starting from Q4 of 2024.
Masdar, the UAE's clean energy powerhouse established in 2006, is committed to achieving at least 100 GW of total renewable energy capacity by 2030. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW.
