Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Future Energy Company (Masdar) have successfully concluded the financial arrangements for the 1,800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, marking a significant milestone in advancing clean and renewable energy in the UAE. The solar park, set to exceed 5,000 megawatts by 2030 with an investment of approximately AED 50 billion, reinforces the country’s commitment to sustainable energy.
Masdar, selected as the Preferred Bidder for this phase, will spearhead the construction and operation of the 1,800MW solar project using photovoltaic solar panels under the Independent Power Producer (IPP) model, with an estimated cost of up to AED 5.5 billion. The initiative aims to provide clean energy for around 540,000 residences, contributing to an annual reduction of approximately 2.36 million tonnes of carbon emissions. The project covers a vast area of 20 square kilometres and boasts the lowest Levelized Cost Of Energy (LCOE) at US$1.6215 cents per kilowatt-hour (kWh) in the Solar Park.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, highlighted the project’s alignment with the UAE’s sustainability goals, supporting the Year of Sustainability 2024 and various strategic initiatives for a net-zero future. The Mohammed bin Rashid Al Maktoum Solar Park plays a crucial role in positioning the UAE as a global clean energy hub, in line with the UAE Net Zero by 2050 initiative and Dubai’s Clean Energy Strategy 2050.
Al Tayer emphasized, “DEWA is implementing the sixth phase of the solar park in cooperation with Masdar, Abu Dhabi Future Energy Company based on the Independent Power Producer (IPP) model, using the latest solar photovoltaic bifacial technologies with single-axis tracking. The 1,800MW sixth phase of the solar park will see the total production capacity increase to 4,660MW by 2026. DEWA will have around 27% of the generation mix sourced from clean energy sources by 2030.”
For the sixth phase, DEWA established Shuaa Energy 4 in partnership with Masdar, where DEWA owns 60% of the company, and Masdar holds the remaining 40%.
Masdar CEO, Mohamed Jameel Al-Ramahi, commented, “Today’s announcement builds on our long-standing partnership with DEWA, advancing the UAE’s energy leadership in the construction of the world’s largest multi-phase solar plant. The UAE continues to demonstrate leadership in delivering cutting-edge clean energy solutions. Accessing capital is fundamental to accelerating the global energy transition, and this expansion of the Mohammed bin Rashid Al Maktoum Solar Park is an important milestone for the UAE in its own clean energy journey.”
The lending group for the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, and Warba Bank.
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 and Abu Dhabi Future Energy Company (Masdar) achieve financial closing for the 1,800 MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, a groundbreaking project in the UAE's commitment to clean energy. The initiative, with an investment of approximately AED 50 billion, reinforces the country's position as a global leader in renewable energy.){kind=link}