Masdar, a United Arab Emirates based energy company, has signed a contract with Dubai Electricity and Water Authority to construct and operate the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. It will be constructed with an investment of $1.5 billion. The total energy generation capacity of the solar facility is 1.8 GW.
Reportedly, this project will support the UAE’s net-zero by 2050 strategic initiative. Overall, the present total production capacity of solar projects at the solar park is more than 2.4 GW. The solar park’s sixth phase will accelerate the total production capacity to more than 4.6 GW. Once finished, the sixth phase will eliminate 2.36 million tonnes of carbon emissions each year and provide enough clean energy to power 540,000 homes with green electricity.
In September 2023, Masdar and Jinko Power finalised the construction of two solar projects in Saudi Arabia with a total capacity of 1.5 GW. Reportedly, the Saudi Power Procurement Company chose the bidders for round 4 solar projects. The larger of the two plans is the 1.1 GW Al Henakiyah solar project, which will be built in western Saudi Arabia’s Medina Province. While Jinko’s proposal was for $0.0171 per kWh, the Masdar-led consortium suggested a lower levelized cost of energy of $0.0168 per kWh.