The Maktoum Solar Park Construction development has awarded a multi-billion construction contract to an Abu Dhabi-based developer. DEWA (Dubai Electricity and Water Authority) officially appointed Masdar, the responsibility of building the project’s sixth phase.
Quite impressively, the Mohammed bin Rashid Al Maktoum Solar Park boasts a 1,800-megawatt capacity. According to a press release statement, about 23 international companies were a part of the bidding process. The statement further explained that Masdar won the contract as a result of its levelized cost of energy offer of $1.621 cents per kilowatt hour. The bid is reported to have been the lowest of any of DEWA solar independent power producer model projects to date.
The CEO of Masdar said that the award is a reflection of the company’s leadership in clean energy. Additionally, Mohammed Jameel Al-Ramahi stated that by 2030 the goal is to move from 20 GW capacity to 100 GW.
Maktoum Solar Park Construction Total Cost
In total, Maktoum Solar Park Construction’s contract is said to be worth $1.5 billion. Its agreement’s sighing was by the Minister of Industry and Advanced Technology, Ahmed AL-Jaber. Alongside, the managing director and CEO of DEWA, Mohammed AL-Tayer.
Upon completion of the development’s sixth phase, the project will potentially provide clean energy to about 540,000 residences. Furthermore, it is predicted to reduce approximately 2.36 million tons of carbon emissions, yearly. Official reports note that the project will become operational in staging. With the first stage commencing from the fourth quarter of 2024.
While commenting on the project, Al-Yaer said that the firm will remain committed to achieving the balance between environmental sustainability and development. Moreover, the balance will targeted across economic, environmental as well as social plans. This in turn, the Managing Director concluded, will further contribute towards UAE’s reputation as a global player in clean and renewable energy project investments.