The consortium of Masdar, Dubai Electricity and Water Authority (DEWA) and EDF Energies Nouvelles, has completed the financing for the Phase III of the 800 MW Mohammed bin Rashid Al Maktoum solar power project in the United Arab Emirates.
This project will include solar-tracking panels and be delivered in three stages. The 200 MW phase "A" is currently under construction and should be completed in April 2018. The 300 MW Phase "B" is expected in April 2019 while the Phase "C" is scheduled for April 2020. The project will produce electricity with a sale price of 29.9 US$/MWh. In 2030, the Mohammed bin Rashid Al Maktoum plant is expected to reach 5 GW at full capacity (the largest single-site solar plant in the world) and US$14bn will be invested in total for this purpose.
The project fits into the context of the Dubai Clean Energy Strategy 2050. Within the framework of this strategy, 7% of Dubai's total power generation should stem from renewable energy sources in 2020, 25% by 2030 and 75% by 2050.
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