LONDON - April 11, 2018 (Investorideas.com Newswire) His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has broken ground in the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the biggest Concentrated Solar Power (CSP) investment project in the world.
Based on the Independent Power Producer (IPP) model, the site will have the world's tallest solar tower at 260 metres, as well as the largest thermal energy storage capacity on the planet. The AED14.2bn project will generate 700MW annually, providing clean energy to 270,000 homes, while also reducing 1.4 million tonnes of carbon emissions every year.
The project will use two technologies, a 600MW parabolic basin complex and a 100MW solar tower, and covers 43 square kilometres. The plant also provides the world's lowest Levelised Cost of Electricity (LCOE) of $7.3 cents per kW/h.
His Highness Sheikh Mohammed bin Rashid Al Maktoum stated that developing the UAE's infrastructure is a top priority, and vital to raising the country's global competitiveness.
HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) is also focusing on clean and renewable energy projects to enhance the quality of life for future generations in an economy that doesn't rely on oil. The solar park is a crucial step in the Dubai Clean Energy Strategy 2050, which aims at generating 75 percent of Dubai's total power output with clean energy by 2050.
Mohammad Abu Nayyan, Chairman of ACWA Power, said: "We are proud of our role in obtaining the lowest price globally for the second phase of the solar park. Today we are driving price reduction for CSP projects globally, achieving more than just one unprecedented world record, by constructing the world's tallest solar tower and providing the highest storage capacity.”
Cao Min, President of Shanghai Electric, added: “On behalf of Shanghai Electric, I would like to express warm congratulations on the groundbreaking of this project, which is by far the largest and most advanced CSP project co-developed by DEWA and ACWA Power and implemented by Shanghai Electric as EPC contractor.”
For more about DEWA's sustainability efforts, check out an exclusive supplement to the latest edition of World Finance, available online, on tablet and in print now.
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