Final preparations are underway to start construction of the world’s largest single-site concentrated solar power (CSP) project in Dubai in 2018, the Saudi company awarded the contract said.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…515 Views | the publication reaches you by | Saudi Arabia Today
ACWA Power said they are finalising the financial closure of the project in time to start building next year.
The first phase of the project covering 3,750 hectares, equal to more than 4,500 football fields of mirrored solar panels, is set for completion at the end of 2020, they said.
Paddy Padmanathan, president and CEO of ACWA Power called the new plant a ‘game-changer’ “by making available renewable energy at a price that competes with fossil fuel generated electricity without subsidy not just when the sun is shining but at any time of the day and night.”
The $3.9 billion (Dh14.2 billion) contract was awarded to Saudi-based ACWA Power and Shanghai Electric by Dubai state energy utility, DEWA, on Saturday.
The 700 megawatt facility will provide solar power day and night to power 568,000 houses, meeting the same quotas as gas, oil or coal fuelled power plants, ACWA said.
The consortium will also set a new world record for the tallest solar tower at 260-meter (850-foot), they said.
The new project will also provide half million tons of natural gas annually, helping increase the share of clean energy in Dubai’s power mix to 7 percent by 2020, 25 percent by 2030 and 75 percent by 2050, they added.
It will also provide a clean substitute to importing million tons of natural gas per year in foreign currency.
The consortium bid to supply electricity to Dubai for 7.3 US cents per kilowatt hour.
Do you have information you want to reach our readers?
A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…