Renewable Energy Next $1.5bn phase of Dubai’s solar park to be ready in 2024 By Pramod Kumar September 7, 2023 Dubai Media Office UAE prime minister Sheikh Mohammed bin Rashid looks on as Masdar chairman Sultan Al Jaber and Dewa CEO Saeed Mohammed Al Tayer sign the solar park agreement Dewa and Masdar sign agreement Power for 500,000 homes Park will reach 4660 MW capacity Dubai Electricity and Water Authority and Masdar have signed an agreement to build and operate the 1,800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The next phase of the world’s largest single-site solar park will cost AED5.5 billion ($1.49 billion). “This phase will power over half a million residences while reducing carbon emissions by 2.36 million tonnes annually,” said Sheikh Mohammed bin Rashid, UAE vice president and prime minister. Cop28 to invest billions in African clean energy Masdar chief hails ‘defining moment’ in $3bn green fund Inside the Gulf’s great energy balancing act He said that all phases of this landmark project were expected to be completed by 2030, with a total investment of AED50 billion: “We are on track to achieve our ambitious goal – 100 percent clean energy for Dubai by 2050.” The agreement was signed by UAE government minister Sultan Al Jaber, who is also chairman of Masdar and Cop28 president-designate, and Saeed Mohammed Al Tayer, Dubai Electricity and Water Authority (Dewa) managing director and CEO. Masdar (Abu Dhabi Future Energy Company) was selected from 23 global bidders as it offered a levelised cost of energy of $1.6215 cents per kilowatt hour, the lowest of any of Dewa’s solar-independent power producer model projects to date. The current total production capacity at the solar park is 2,427 MW. Dewa is building another project with a total capacity of 433 MW. The sixth phase of the solar park will increase total production capacity to 4,660 MW. “This landmark project demonstrates definitive action in our shared journey towards a cleaner, greener future,” Al Jaber said. Masdar CEO Mohammed Jameel Al Ramahi added that the sixth phase will become operational in stages starting from Q4 2024. Established in 2006 and active in more than 40 countries, Masdar aims to achieve at least 100 GW of total renewable energy capacity by 2030.