DEWA Chief witnesses EPC Contract signing between ACWA Power & Shanghai Electric
- April 16, 2018
- Posted by: administrator
- Category: Corporate, Asia
HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has witnessed the signing of the Engineering, Procurement, and Construction (EPC) contract for the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world.
The contract for the project, which is based on the Independent Power Producer (IPP) model, was signed between Saudi Arabia’s ACWA Power and China’s Shanghai Electric, the project’s main contractor.
“I am pleased to be here today in Shanghai for the signing of the engineering, procurement, and construction (EPC) contract for the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world. We are here today to show the strong ties between our two great nations, which have been formed because of our shared values and our trading and economic interests. Bilateral trade between the United Arab Emirates and the People’s Republic of China has already exceeded (USD) 35 billion dollars in the first nine months of 2017,” said Al Tayer in his speech during the signing ceremony.
Last month HH Sheikh Mohammed bin Rashid Al Maktoum gave the go-ahead to commence the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park.
The Park has a planned capacity of 5,000MW by 2030, with a total of 13.6 billion dollars (AED 50 billion) in investments to accelerate diversification to clean energy.
The project will feature the world’s tallest solar tower, measuring 260 metres, with the world’s largest thermal energy storage capacity. It will provide clean energy to over 270,000 residences in Dubai, reducing 1.4 million tonnes of carbon emissions a year.
The CSP project will use two technologies to generate clean energy: the 600MW parabolic basin complex and the 100MW solar tower and will cover 43 square kilometres. The project involves an investment of 3.9 billion dollars (AED14.2 billion), and has achieved the world’s lowest Levelised Cost of Electricity (LCOE) of USD 7.3 cents per kilowatt hour (kW/h) for Concentrated Solar Power.