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Fotowatio Renewable Ventures

EDF Joins Masdar For 800 Megawatts Dubai Solar Project

written by saurabh

EDF Energies Nouvelles will work with Masdar Group on the 800 megawatt phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in the United Arab Emirates.

Masdar Group, Fotowatio Renewable Ventures and Gransolar Group have been joined by EDF Energies Nouvelles just weeks after construction on the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai began.

The Masdar Group–led consortium was confirmed as the winner of the 800 MW solar power tender that was floated by the Dubai Electricity and Water Authority (DEWA) last year. The phase III tender set a record for lowest-ever solar PV tariff globally at that time. The Masdar-led consortium beat the phase II winning bid of 5.84¢/kWh with a bid of 2.99¢/kWh. Masdar Group and DEWA signed the power purchase agreement for the project in November 2016.

Phase two of the solar power park with 200 megawatts capacity has already been commissioned. Tender for 200 megawatts phase four of the solar park will be opened in June this year; this phase will be based on concentrated solar power technology.

The Mohammed bin Rashid Al Maktoum Solar Park will have an eventual capacity of 5 gigawatts. The initial planned capacity was 1 gigawatt which was subsequently increased to 3 gigawatts, and now 5 gigawatts. Bids of the first 1 gigawatt of capacity have already been awarded.

03/28/2017 0 comment

Renewable Energy

Fotowatio Wins 300 MW Solar In Mexico Auction At US¢2.69/kWh

written by saurabh

Spanish renewable energy project developer Fotowatio Renewable Ventures recently a major win in the competitive auction held in Mexico few weeks back.

Fotowatio Renewable Ventures (FRV) announced that it has been awarded a 300 MW solar power project in the second competitive auction held for renewable energy project in Mexico in September this year.

The company managed to secure the project at one of the lowest levels across the world as the Mexican auction was highly competitive. FRV placed a successful bid of US¢2.699/kWh for the solar power project. The lowest-ever solar power bid for a project remains US¢2.42/kWh by JinkoSolar-Marubeni consortium for 800 MW phase 3 of Dubai solar power park.

The construction of the plant will begin in mid-2018 and will become operational in mid-2019, and will create approximately 250 local jobs as part of the construction phase and a further 20 jobs during operations. The plant will also generate enough green electricity to supply approximately 76,100 homes, while reducing greenhouse gas emissions by approximately 97.7 million tons of carbon dioxide emissions.

According to National Energy Control Center (CENACE) of Mexico, solar dominated the Mexico’s second power auction with more than half of the total amount of energy awarded to solar PV projects. Under the auction, 4.8 TWh of energy (54%) and 4.9 million clean energy certificates (53%) were provisionally awarded to solar PV projects.

In total, 9.3 TWh and 8.9 million clean energy certificates were awarded to solar, wind, geothermal and hydroelectric projects. Wind energy projects constituted 43% of total energy awarded and 41% of clean energy certificates.

10/31/2016 0 comment

Renewable Energy

Dubai Confirms Masdar-led Consortium As Winner Of 800 MW Solar Power Tender

written by saurabh

Dubai Electricity and Water Authority gave official confirmation about the winners of the 800 MW phase III of the Dubai solar power park.

A Masdar Group-led consortium was confirmed as the winner of 800 MW solar power tender that was floated by the Dubai Electricity and Water Authority (DEWA) last year. The consortium includes Fotowatio Renewable Ventures and Gransolar Group.

The 800 MW phase III of the Mohammed bin Rashid Al Maktoum Solar Park will be commissioned by 2020 and will add to the existing 13 MW and under-development 200 MW capacity. The phase III tender set another record for lowest-ever solar PV tariff globally. The Masdar-led consortium beat the phase II winning bid of US¢5.84/kWh with a bid of US¢2.99/kWh.

A fourth phase of the solar power park was announced by DEWA recently which will have an installed capacity of 1 GW.

Initially, the Authority received as many as 95 expressions of interest. Many prospective bidders are believed to have formed joint ventures for the subsequent rounds of bidding, with around 20 left in the fray at the end of last year. These included biggies like SunEdison, ACWA Power, JinkoSolar–RWE, REC Solar, and Engie.

The initial installed capacity target for Mohammed bin Rashid Al Maktoum Solar Park was set at 1 GW by 2019. However, last year, DEWA announced that it would boost the park’s capacity to 3 GW by 2030, with a total estimated investment of $3 billion.

The solar power park is central to DEWA’s target to source 7% of Dubai’s total power output from renewable energy sources by 2020, and 15% by 2030.

06/29/2016 0 comment

Articles Renewable Energy

Fotowatio Renewable Wins First Solar Power Project In India

written by saurabh

The Indian solar power market continues to attracts new foreign developers despite the recent concerns over the fate of solar power project pipeline of SunEdison.

Fotowatio Renewable Ventures has secured its first win in India. The company secured rights to develop 100 MW solar power project in Andhra Pradesh. The project shall be part of a larger solar power park in the state.

The project was allocated through a competitive auction where the tariff was fixed but bidders had to indicate the lowest capital cost support they would need from the government.

Fotowatio will set up the 100 MW with a capital support of Rs 44.5 lakhs (US$67,000) per MW at a fixed tariff of Rs 4.43/kWh. The capital cost support desired by the company is less than 9% of the total capital cost determined by the Indian regulatory body for solar PV projects for the current financial year.

Other major winners of the tender were Acme Solar (150 MW), Tata Power Renewable Energy (100 MW) and Azure Power (50 MW). These developers will receive capital cost support of between Rs 55 lakhs (US$82,800) to Rs 74.5 lakhs (US$112,200) per MW against the estimated capital cost of around US$790,000 per MW.

Fotowatio Renewable Ventures was in the news recently for being part of a consortium that place the world’s lowest-ever solar power bid. The consortium had placed bid of US2.99/kWh for the third phase 800 MW capacity of the Dubai solar power park. This tariff is less than half the tariff Fotowatio will receive in the Andhra Pradesh project.

Fotowatio was acquired by Saudi Arabia-based Abdul Latif Jameel Group in April 2015.

05/07/2016 0 comment