An agreement signed on Wednesday will power over half-a-million residences in Dubai with clean energy.
The Dubai Electricity and Water Authority (Dewa) and renewable energy firm Masdar signed an agreement to implement the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the Dh5.5-billion sixth phase will reduce carbon emissions by 2.36 million tonnes annually.
“The completion of all phases of this massive project is expected by 2030, with a total investment of Dh50 billion. Our goal is to achieve 100 per cent clean energy for Dubai by 2050,” Sheikh Mohammed wrote on microblogging platform X, formerly known as Twitter.
In the presence of Sheikh Mohammed, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Vice-President of the UAE; Lt.-General Sheikh Saif bin Zayed Al Nahyan, Minister of Interior; Sheikh Abdullah bin Zayed Al Nahyan, Foreign Affairs Minister; and Mohammad bin Abdullah Al Gergawi, Cabinet Affairs Minister, the agreement was inked.
From 23 global competitors, the UAE’s renewable energy giant was picked, proposing a Levelised Cost of Energy (LCOE) of $1.6215 cents per kWh, the most competitive for any of Dewa’s solar IPP projects thus far. The park’s present solar projects have a combined capacity of 2,427MW. Another 433MW project is under Dewa’s construction. The park’s sixth phase will boost the total capacity to 4,660MW.
Dr. Sultan Al Jaber, Chairman of Masdar and the designated COP28 President, stated, “Winning this pivotal renewable energy venture in the world’s biggest single-site solar park underscores Masdar’s legacy in advancing clean energy ventures. It mirrors our commitment to the UAE’s 2050 Net Zero strategy. Before the upcoming COP28 in our country, tripling the global renewable energy capacity by 2030 is crucial to retain the 1.5-degree goal. This project solidifies our collective path to a sustainable future.”
Saeed Mohammed Al Tayer, Dewa’s CEO, emphasized the UAE’s rank among the top global backers of renewable energy ventures. He mentioned, “Dubai leads in rolling out projects and schemes championing sustainability, a green economy, and conservation of resources for upcoming generations. Once the sixth phase is done, it will power around 540,000 homes with clean energy.”