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Masdar Group

800 Megawatts Solar Project In Dubai Achieves Financial Closure

800 Megawatts Solar Project In Dubai Achieves Financial Closure

written by saurabh

The third phase of Mohammed bin Rashid Al Maktoum Solar Park in Dubai has achieved financial closure marking a major milestone for one of the largest solar power projects and solar power parks in the world.

Construction at the 800 megawatt project being developed by the Masdar Group and EDF Energies Nouvelles began in January 2017 and is expected to be operational in 2020. Debt funding for the project came from seven different financial institutions, including the Islamic Development Bank and the Arab Petroleum Investments Corporation, Korea Development Bank and Export Development Canada.

The presence of these funding institutions points towards very low interest rate. A low interest rate is exactly what the project developers require as it is also among the cheapest solar power projects in the world.

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.

Recently, Canadian Solar shipped 268 megawatts of solar modules for the project. The Mohammed bin Rashid Al Maktoum Solar Park has an operational capacity of 213 megawatts from the first two phases commissioned by First Solar and ACWA Power.

The solar power park will be the mainstay of Dubai’s clean energy policy.

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.



June 18, 2017 0 comment
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EDF Joins Masdar For 800 Megawatts Dubai Solar Project

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.



March 28, 2017 0 comment
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Construction Set To Begin On The World’s Largest Solar Power Project In Dubai

Construction Set To Begin On The World’s Largest Solar Power Project In Dubai

written by saurabh

Construction on the largest solar power park at a single plot will begin later this month, the project developer and owner have announced.

Masdar Group and Dubai Electricity & Water Authority (DEWA) have announced plans to start construction of 800 megawatt project at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. The project will form phase III of the solar power park which is set to have an eventual capacity of 5 gigawatts.

First Solar has already commissioned the first phase of 13 megawatts while ACWA Power is currently working on phase two of 200 megawatts. The fourth phase of the project shall have 1 gigawatts capacity.

A 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 consortium includes Fotowatio Renewable Ventures and Gransolar Group.

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.



January 22, 2017 0 comment
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