Dubai Electricity and Water Authority (DEWA) and Saudi Arabia’s ACWA Power announced the financial closing of the 950 megawatt concentrated solar power project in Dubai.
The project called Noor Energy 1 consists of both concentrated solar power (CSP) and photovoltaic (PV) plants. The project encompasses the world’s tallest 260-meter-high solar tower that will generate 100 MW, three 200 MW parabolic trough CSP stations, and photovoltaic plant of 250 MW capacity.
Noor Energy 1 will be equipped with energy storage capacity for 15 hours and will be capable of delivering power 24 hours a day.
The consortium was awarded the concentrated solar thermal phase of the project at a record tariff of 7.3¢/kWh while the subsequent award of the 250 megawatt solar PV capacity was made at 2.4¢/kWh.
The project will be fully operational by 2020. It will contribute to the Dubai’s ambitious clean energy strategy which aims to achieve 75% of the Dubai’s power generation from renewable energy sources by 2050.
With investments totaling AED 50 billion (US$13.6 billion), it will be the largest single-site solar park in the world when commissioned.
Reference- Clean Technica, ACWA Power PR