04 May Dubai sets world record for lowest cost solar power
Dubai will be home to the lowest cost solar power plant in the world after receiving bids for a new plant as low as US$0.03 per kilowatt-hour.
The lowest bid was submitted by a consortium of Abu Dhabi-based Masdar and Spanish developer FRV (owned by Abdul Latif Jameel group).
Reportedly, JinkoSolar came second with a bid of $0.0369/kWh beating Saudi Arabian ACWA Power in a consortium with First Solar at $0.0396/kWh.
The new world record for the cost of solar was set as the Dubai Electricity and Water Authority (DEWA) received the bids for the 800 MW Sheikh Maktoum Solar Park Phase III, also beating all available fossil fuel alternatives in Dubai on cost.
ACWA Power had won the bid for the previous phase II of the solar park 18 months ago and Masdar’s winning bid for this phase came in 50 per cent lower.
The phase III plant will be implemented on an IPP basis with a build, own and operate tender for 25 years.