ACWA Power wins 200 megawatts phase II PV project in UAE
A consortium led by ACWA Power, leading water and power developer and TSK, the Spanish engineering and construction company as technology provider, was announced by Dubai Electricity and Water Authority (DEWA) as first rank bidder to develop, construct, own and operate the 200 MW PV plant at Mohammed bin Rashid Al Maktoum Solar Park, Dubai.
“We have established ACWA Power as the leading renewable energy developer in the region, and this project demonstrates once again that we live up to our commitment of delivering reliable and sustainable electricity at the lowest kWh tariff,” said Paddy Padmanathan, President and CEO at ACWA Power.
Here are some of the factors that make this project distinctive:
- At 200 MW, it's among the largest solar PV projects in the world
- The tariff offered by ACWA Power is the lowest tariff in the world (5.84 USD cents/kWh)
- This will be among the highest leveraged solar IPP projects in the world; with most of financing coming from local banks
In just the first 2 weeks of January, ACWA Power has already secured 550MW of solar projects in MENA (350MW in Morocco last week, 200MW in Dubai this week).
During 2014 there were only 294MW of solar projects awarded, underscoring the fact that 2015 will be a massive year for solar in MENA, and potentially for ACWA Power. Paddy Padmanathan, President and CEO at ACWA Power will be leading a delegation that will be present at MENASOL 2015 (13-14 May, Dubai). Find out more about the conference and opportunities to meet ACWA Power, TSK or Sener here: http://goo.gl/P0MK2m