Bloomberg/Duncan Chard
Dubai Electricity & Water Authority (DEWA) selected a contractor that submitted a record low bid to build a 900-megawatt solar power plant in the emirate, reported Bloomberg.
The contractor, which the utility firm’s Chief Executive Officer declined to reveal, bid 1.7 cents per kilowatt-hour for the photovoltaic plant.
Saeed Mohammed Al Tayer, DEWA’s Chief Executive Officer, said that the decision requires a lengthy evaluation before DEWA can publicly announce the winner.
The bid is the lowest price worldwide,” said Al Tayer. DEWA required offers of less than 2.4 cents per kilowatt-hour. The plant will be the fifth phase of a sprawling facility in the desert outside Dubai—the Mohammed bin Rashid Al Maktoum Solar Park—will have five gigawatts of installed capacity by 2030 if DEWA completes it as planned.
Dubai is on track to produce seven per cent of its electricity from solar power by 2020 and targets meeting 75 per cent of its needs from solar and other renewables by 2050.
DEWA awarded a contract for the Dubai solar park’s fourth phase in 2017. ACWA Power International and Shanghai Electric Group Company submitted the lowest offer for that phase, at 7.3 cents per kilowatt-hour.
BUSINESS
SABB seeks to boost corporate lendingBUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
ADIA plans to sell a $2 billion stake in...BUSINESS
Amanat considers stake in VPS HealthcareBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
National Bank of Oman to exit from EgyptBUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
Oman plans to launch new regional airline
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
