Dubai Electricity and Water Authority (DEWA) and the consortium led by Saudi Arabia’s ACWA Power and Silk Road Fund (SRF) has achieved financial close for the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park).

With investments totalling AED50bn ($13.6bn) MBR Solar Park is reported to be the largest single-site solar park in the world, with a capacity to generate 5,000MW of clean energy by 2030.

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DEWA CEO Saeed Mohammed Al Tayer said: “DEWA is implementing the fourth phase of the solar park in cooperation with Saudi Arabia’s ACWA Power and China’s Silk Road Fund. This phase is the largest single-site investment project in the world.

“It uses both Concentrated Solar Power (CSP) and photovoltaic solar technologies based on the Independent Power Producer (IPP) model with investments up to AED15.78 billion.

“It will use 700MW of CSP; 600MW from a parabolic basin complex and 100MW from a solar tower; and 250MW from photovoltaic solar panels. This phase will provide clean energy for 320,000 residences and will reduce 1.6 million tonnes of carbon emissions annually.”

“MBR Solar Park is reported to be the largest single-site solar park in the world, with a capacity to generate 5,000MW of clean energy by 2030.”

For building the fourth phase of the solar park, DEWA, ACWA Power and China’s Silk Road Fund have launched Noor Energy 1.

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The project has been financially backed by many lending groups including the Bank of China, the Commercial Bank of Dubai and Standard Chartered Bank.

Al Tayer further added: “The project, which will cover an area of 44 square kilometres, achieved several world records.

“These include the world’s lowest CSP Levelised Cost of Electricity of $7.3 cents per kilowatt-hour and the lowest Levelised Cost of Electricity for photovoltaic technology of 2.4 US cents per kilowatt-hour.

“The project will feature the tallest solar tower in the world at 260 metres and the largest thermal storage capacity of 15 hours; allowing for energy availability round the clock.”

Last November DEWA signed an amended power purchase agreement with a consortium led by Saudi Arabian energy firm ACWA Power to increase the capacity of the fourth phase of the Dubai solar park from 700MW to 950MW.