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August 24, 2021

ACWA Power opens first phase of Shuaa Energy III PSC project in Dubai

The project was won by a consortium led by the company last year.

By Umesh Ellichipuram

Saudi Arabia-based energy company ACWA Power has inaugurated the 300MW portion of the 900MW Shuaa Energy III PSC, the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

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The facility’s opening is intended to strengthen and support Dubai’s energy transition and diversification strategies.

Shuaa Energy III PSC is a special-purpose vehicle incorporated for the project. The Dubai Electricity and Water Authority (DEWA) owns 60% of it, with the remaining 40% stake held by ACWA Power and Gulf Investment Corporation.

The $570m Shuaa Energy III PSC project was awarded to a consortium led by ACWA Power last year, at a world-record tariff of $0.02/kWh.

ACWA Power signed financing agreements for the project last September.

The facility will generate enough clean energy to power 270,000 homes while displacing 1.18 million tonnes of carbon emissions a year in Dubai.

The project features bifacial photovoltaic solar panels that can capture sunlight on both sides, along with a solar tracking system.

ACWA Power claims this can make power generation 20% more efficient.

To optimise its productivity and operational capabilities, the facility uses an automated solar panel cleaning system.

With the facility’s opening, the Mohammed bin Rashid Al Maktoum Solar Park’s current power generation capacity has increased to 1,313MW.

Once fully operational, the solar park is set to become the world’s largest single-site solar park, with a planned production capacity of 5,000MW.

ACWA Power chairman Mohammad Abunayyan said: “The inauguration of the first part of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai reinforces ACWA Power’s commitment to supporting Dubai’s ambitious strategy to balance economic growth and environmental sustainability, contributing to Dubai’s reputation as a global player in green economic transformation and a driver of global carbon footprint reduction.”

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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