Dubai Electricity and Water Authority (DEWA) and Masdar have reached the financial closing on the 1,800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The solar park’s capacity will exceed 5,000 MW by 2030, with investments totalling approximately $13.61 billion.
Furthermore, Masdar was chosen as the preferred bidder to build and operate the 6th phase of the solar PV park based on the Independent Power Producer model, with costs up to $1.5 billion. The project will cover an area of 20 square kilometres. In addition, the 6th phase has achieved the lowest Levelized Cost Of Energy of $1.6215 cents per kWh in the solar park.
In December 2023, Masdar struck an agreement with Verbund to build a green hydrogen plant in central Spain. As part of the agreement, both companies will assess whether it would be feasible to construct one of the largest green hydrogen production facilities in Europe in the Castilla-La Mancha region of Spain, which is already home to an array of renewable energy projects.
REGlobal’s Views: The said solar park has been hugely successful in attracting investor interest from across the world and has discovered some of the lowest solar prices ever seen globally. The massive solar park, once commissioned, will help Dubai significantly in moving closer to its goal of 100 per cent clean power by 2050.
