Dubai, Masdar reaches financial close for 1,800 MW solar project

This is the sixth phase of the largest single-site solar park globally.

The Dubai Electric and Water Authority (DEWA) and power firm Masdar have achieved a financial close for the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park with a 1,800-megawatt capacity.

In a statement, Masdar said the 6th phase of the project costs around $1.5b (AED5.5b) and could generate power that could meet the needs of around 540,000 residences.

ALSO READ: Masdar amassed 1.4 GW of clean energy projects to the Uzbekistan national grid

The project’s phase, which covers an area of 20 square kilometres, will cut around 2.36 million tonnes of carbon emissions annually and achieve the lowest levelised cost of energy in the solar park at 1.6215 cents per kilowatt hour.

The entire solar park, which has a total investment of $13.6b (AED50b), is expected to reach over 5,000 megawatts by 2030.

$1 = AED3.67