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ACWA Power consortium enters into PPA agreement with DEWA
Published in The Saudi Gazette on 29 - 03 - 2015

Dubai Electricity and Water Authority (DEWA) has signed the 25-year power purchase agreement (PPA) with a consortium of ACWA Power and TSK, for the 260 MWp (200 MWac) solar photo-voltaic (PV) independent power project (IPP) under Phase II of the Middle East's largest renewable energy park viz. the Mohammed bin Rashid Al Maktoum Solar Park, Dubai.
The ACWA Power led consortium was awarded preferred bidder status on 15 January 2015 based on a levelized tariff, which has set a global benchmark for utility scale solar photovoltaic power plants. The signing of the PPA within 70 days of the award is a testament to the commitment shown towards the project by both DEWA and the winning consortium.
Paddy Padmanathan, President and CEO of ACWA Power, said: “We are very excited that our first project in the UAE is a partnership with DEWA for such a pace setting project of a global scale which also is the foundation of DEWA's vision to develop a green economy in Dubai and place renewable energy at the center of a diversified fuel mix to provide reliable and cost competitive electricity for this Emirate.”
Rajit Nanda, Chief Investment Officer at ACWA Power, said: "This project reinforces our commitment to participating in the provision of sustainable energy security for Dubai. We cherish the trust placed on us by DEWA and look forward to delivering a plant that we can all be proud of which will then enable us to reliably deliver the contracted renewable energy over the full 25 year term of contract.” — SG


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