A single-site Concentrated Solar Power (CSP) project worth $3.87 billion (AED14.2 billion) is set to be launched in Dubai, according to a report by WAM.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has recently has announced the launch of the project, which is expected to generate 700MW of clean energy to support Dubai’s electricity grid.
To be implemented by Dubai Water and Electricity Authority (Dewa), the CSP will utilise an Independent Power Producer (IPP) model, it will include the world’s tallest solar tower, standing 260 metres tall, and a AED 100 billion fund to finance the plan.
The project comes as part of implementing the fourth stage of the Mohammad Bin Rashid Al Maktoum Solar Park and is considered an integral part of the emirate’s Clean Energy Strategy 2050.
HH Sheikh Mohammed highlighted the UAE’s model for sustaining a green economy based on environmental sustainability and clean energy. The UAE has a clear strategy for implementing and further developing this model to maximise its benefits, in addition to investing in infrastructure, building capabilities and developing specialised local talent.
“We have made steady progress in realising the goals of Dubai Clean Energy Strategy 2050 that was launched as part of our objective to transform Dubai into a global clean energy and green economy hub. The carbon footprint of Dubai will be the lowest in the world by 2030,” said Sheikh Mohammed. “We are proud that by demonstrating their capabilities, our local talent have proved that they are ready to assume responsibility,” he added.
Dewa had previously accepted a bid in June for a 200MW extension to the solar park, offering electricity at 9.45 cents per kWh.
The new plant will come online in stages from 2020. The power purchase agreement and the financial close of the deal are due to be finished shortly.
“Awarding this strategic project supports the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote sustainability, and make Dubai a global centre for clean energy and a green economy,” said Saeed Al Tayer, the managing director and chief executive of Dewa.