ACWA Power, GIC consortium secures Dubai solar project deal

Saudi-based ACWA Power and Gulf Investment Corporation (GIC) led consortium has been chosen the preferred bidder to build and operate the 900 megawatts (MW) fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park by Dubai Electricity and Water Authority (DEWA).

The park will generate solar power using photovoltaic (PV) solar panels based on the independent power producer (IPP) model, WAM reported.

Dewa had released the tender for the fifth phase in February 2019, and received 60 requests for qualifications, the report further added.

"The 900 MW fifth phase of the solar park using PV solar panels based on the IPP model will become operational in stages starting Q2 of 2021. The project documents, Power Purchase Agreement (PPA), and financial close agreements will be signed in due course," Saeed Mohammed Al Tayer, managing director and CEO of DEWA, said.

DEWA has launched several renewable projects, including the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.

Using the IPP model, it will have a capacity of 5,000 MW by 2030 with investments totaling AED 50 billion.