HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has witnessed the signing of the Engineering, Procurement, and Construction (EPC) contract for the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world based on the Independent Power Producer (IPP) model. The contract was signed between Saudi Arabia’s ACWA Power and China’s Shanghai Electric, the project’s main contractor, at the Radisson Blu Plaza Xingguo hotel in Shanghai, China. The contract was signed by Mohammad Abdullah Abunayyan, Chairman of ACWA Power, and Cao Min, President of Shanghai Electric. The ceremony was attended by HE Dr. Ali Obaid Al Dhaheri, UAE Ambassador to China, HE Turki Al-Madi, Saudi Arabia Ambassador to China, Zhou Bo, Executive Vice Mayor of Shanghai Municipality, Zheng Jianhua, Chairman- Shanghai Electric Group, in addition to representatives from Chinese banks and financial institutions, the media, and officials from DEWA, ACWA Power, and Shanghai Electric. “I am pleased to be here today in Shanghai for the signing of the engineering, procurement, and construction (EPC) contract for the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world. We are here today to show the strong ties between our two great nations, which have been formed because of our shared values and our trading and economic interests. Bilateral trade between the United Arab Emirates and the People’s Republic of China has already exceeded (USD) 35 billion dollars in the first nine months of 2017,” said Al Tayer in his speech during the signing ceremony. “Today’s signing ceremony is an important milestone that supports the directives of the wise leadership represented by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to achieve the objectives of the UAE Centennial 2071, the UAE Vision 2021, and the Dubai Plan 2021 to secure a happy and better future,” added Al Tayer. “Last month, His Highness Sheikh Mohammed bin Rashid Al Maktoum gave the sign to commence the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world, based on the Independent Power Producer model. This marks considerable progress in our efforts to achieve the Dubai Clean Energy Strategy 2050 to provide 75% of Dubai’s total power output from clean sources by 2050. This will transform the Emirate into a global hub for clean energy and green economy; and consolidate its global position as the city with the lowest carbon footprint in the world,” he added. “The Mohammed bin Rashid Al Maktoum Solar Park has a planned capacity of 5,000MW by 2030, with a total of 13.6 billion dollars (AED 50 billion) in investments to accelerate our diversification to clean energy. It is a key pillar in our strategy, considering that our ambitious targets require at least 42,000 MW of renewable energy by 2050.” “I would like to use this opportunity to thank everyone, especially our partners in the consortium, comprising Saudi Arabia’s ACWA Power and the Silk Road Fund, and China’s Shanghai Electric as main contractor, for all their work on the fourth phase of the solar park.” “This project will feature the world’s tallest solar tower, measuring 260 metres, with the world’s largest thermal energy storage capacity. It will provide clean energy to over 270,000 residences in Dubai, reducing 1.4 million tonnes of carbon emissions a year. The CSP project will use two technologies to generate clean energy: the 600MW parabolic basin complex and the 100MW solar tower, and they will cover 43 square kilometres. This project involves an investment of 3.9 billion dollars (AED14.2 billion), and has achieved the world’s lowest Levelised Cost of Electricity (LCOE) of USD 7.3 cents per kilowatt hour (kW/h) for Concentrated Solar Power.” “In Dubai, we welcome every opportunity to share experiences and best practices to help achieve this goal, and further strengthen our ties. Let us show the world today that the United Arab Emirates and China are committed partners in clean energy so that the planet continues to work to achieve a brighter, sustainable future, for generations to come,” concluded Al Tayer.